Roosevelt Hotel: PC board approves ToR for hiring FA

ISLAMABAD: The Privatization Commission (PC) Board that met Wednesday approved the terms of reference for the hiring of financial advisor for the Roosevelt Hotel.

The board was apprised that the hotel is not being sold. Rather it will be developed into a mixed use high-rise tower as a joint venture project through the best-suited mode of privatization as delineated in the Privatization Commission Ordinance, 2000.

The board was also briefed about the progress in other ongoing transactions including Pakistan Steel Mills, HBFCL, and the First Women Bank Limited.

Senate body briefed about privatization process

Federal Minister/Chairman Privatization Abid Hussain Bhayo chaired the meeting. Federal Secretary Privatization Dr Iram A Khan and senior officials of the ministry were also present.

The board was briefed about the implementation status of different directions issued by the board in its different meetings.

The board showed its appreciation for the status update and directed the management to resolve the pending issues besetting privatisation. It also advised that other government divisions should be approached to help the Privatization Commission in its work.

The board discussed various matters of importance including the pending issues relating to litigations in different courts. The approval of the PC Board was also solicited for the special audit report on receivables as on 30-6-2022 of the PC’s proceeds including the statement of aforementioned receivables. The board proposed to form a sub-committee of its members to come up with a viable solution of the matter including to ascertain the due amounts receivable from other parties.

The board also approved the proposal to present before the court the fresh audit report to decide the exact number of outstanding dues to be paid.

Copyright Business Recorder, 2023

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