ISLAMABAD: The government has no plans to sell Roosevelt Hotel in New York and is instead seeking a joint venture for a mixed-use development.

This was revealed by the Privatisation Commission in a briefing to the Senate Standing Committee on Privatisation on Thursday. The commission said the terms of reference for the process have been sent to the aviation division and a decision was awaited.

The decision was pending due to a delay in the appointment of a financial adviser to key stakeholders.

The meeting was further told that according to the Privatisation Commission’s regulations and Public Procurement Regulatory Authority rules, the commission will hire a financial adviser to recommend the best-suited transaction structure in consultation with relevant stakeholders.

The meeting of the Senate committee, chaired by Senator Shamim Afridi, also discussed the privatisation of SME Bank, Services International Hotel in Lahore and Sukkur Electric Power Company (Sepco).

Govt seeking joint venture for mixed-use development

On the privatisation of SME Bank, the meeting was informed that the Cabinet Committee on Privatisation (CCoP) has considered the privatisation ministry’s summary and approved the recommendations in November 2022 to delist SME Bank from the privatisation programme.

The finance ministry and State Bank will take the matter further and a report will be presented to the CCoP in its next meeting.

The Senate committee recommended attaching SME Bank with a reputed bank preferably the National Bank of Pakistan.

Regarding the privatisation of Services International Hotel, the meeting was informed that the prime minister had formed a sub-committee under the chairmanship of the privatisation minister with representatives from the finance and law and justice divisions and Privatisation Commission secretary.

The report prepared by the sub-committee has been submitted to the CCoP.

The CCoP has directed the sub-committee to re-submit the report after inputs from the law and justice division regarding the conformity of rules and regulations of the process, the meeting was told.

The meeting was also told that nine distribution committees (Discos), including Sepco, were part of the privatisation process.

The CCoP had at a meeting in 2022 directed the power division to write to all provinces for negotiations to buy the Discos concerned, the meeting was briefed.

Sindh has already begun the process of talks with the power division for acquiring Hyderabad Electric Supply Company and Sepco.

Published in Dawn, January 13th, 2023

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Quid pro quo
26 Jul, 2026

Quid pro quo

MERE hours after the US signed a landmark civil nuclear deal with Saudi Arabia, American President Donald Trump...
AI in government
26 Jul, 2026

AI in government

THE Prime Minister’s Office has announced the introduction of an AI-powered digital system and directed ministries...
Cautious optimism
26 Jul, 2026

Cautious optimism

THE latest polio surveillance figures offer some encouraging news regarding the difficult fight against polio. The...
Rampant lawlessness
Updated 25 Jul, 2026

Rampant lawlessness

THE brutal slaying of a judge and his guard in Mastung is the latest in a series of blood-drenched events that have...
Daily fuel pricing
25 Jul, 2026

Daily fuel pricing

THE government’s move to daily petroleum price adjustments should make fuel pricing more transparent and more...
The drug problem
25 Jul, 2026

The drug problem

WHILE Islamabad Police chase low-level peddlers, the capital’s kingpins have quietly taken their operations ...