Financial advisers to be appointed for Roosevelt Hotel privatisation

Published
5
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

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

Opinion

Editorial

Fixing bond markets
Updated 01 Oct, 2026

Fixing bond markets

Pension funds, insurance companies, mutual funds, retail investors, and eventually, foreign investors must become bigger participants in the market.
Call centre rackets
01 Oct, 2026

Call centre rackets

A NUMBER of recent raids conducted by the authorities in different cities point to the growing threat fraudulent ...
Homeward bound
01 Oct, 2026

Homeward bound

FIVE months after Somali pirates captured an oil tanker carrying a 19-member multinational crew, Somali maritime...
Kashmir unresolved
Updated 30 Sep, 2026

Kashmir unresolved

The just solution lies in India addressing the issue through a trilateral dialogue involving the legitimate representatives of the Kashmiri people and Pakistan.
Water shortage
30 Sep, 2026

Water shortage

THAT the country is entering the Rabi season with an anticipated water shortage of nearly 25pc, the lowest carryover...
Young hearts
30 Sep, 2026

Young hearts

THE observance may have passed, but the message of World Heart Day should not fade with it. The occasion is a useful...