Financial advisers to be appointed for Roosevelt Hotel privatisation

Updated 07 Aug 2020

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A view of the Roosevelt Hotel is seen in this file photo.
A view of the Roosevelt Hotel is seen in this file photo.

ISLAMABAD: The National Assembly Standing Committee on Privatisation decided on Thursday to hold an in-camera session to discuss the leasing of the Roosevelt Hotel site.

The Managing Director of PIA Investments Limited, Najeeb Samie, who attending the meeting, requested chairman of the standing committee to make the event in-camera.

He added that a financial adviser is in the process of being appointed and terms of reference (TORs) are being drawn up in consultation with PIA and the Aviation Division for setting up a joint venture project for prospective mixed use development. As per rules, the proposed transaction structure will be presented before the PC Board and the Cabinet Committee on Privatisation (CCoP) for recommendations and for approval and ratification by the federal cabinet.

In accordance with the transaction structure approved by the federal cabinet, the Privatisation Commission will invite the ‘Expression of Interest’ (EOIs) from potential investors both national and international which will be submitted to PC Board, CCoP and the federal cabinet for approval.

A senior official of the finance ministry briefed the committee on ‘Sarmaya-e-Pakistan Limited’ (SPL). He said the finance division incorporated SPL as a holding company, with the approval of the federal cabinet in February 2019 consisting of three ex-officio members and eight independent directors.

According to the official, the key objective of SPL is to direct, supervise and coordinate the management of subsidiary companies to be transferred to SPL gradually from line ministries. The committee was also informed that six out of eight independent directors including the chairman of the board resigned from SPL in May-July 2019 due to which SPL became dysfunctional. The committee recommended that the vacant positions of the board of Sarmaya-e-Pakistan Limited may be filled immediately.

The meeting was chaired by Syed Mustafa Mahmud, was attended by Minister for Privatisation, Muhammad Mian Soomro, Parliamentary Secretary for Privatisation and MNAs Zulfiqar Ali Khan Dullah, Khurram Shahzad, Shandana Gulzar Khan, Faheem Khan, Syma Nadeem, Shandana Gulzar Khan, Muhammad Pervaiz Malik, Syed Hussain Tariq, Sikandar Ali Rahopota besides senior officers from the ministries of privatisation, finance, aviation division and PIAIL.

Published in Dawn, August 7th, 2020