Roosevelt Hotel: PC board approves hiring of financial advisor

ISLAMABAD: The Privatisation Commission (PC) Board approved the terms of reference for the hiring of a financial advisor for Roosevelt Hotel in its meeting session, ARY News reported on Wednesday.

Federal Minister for Privatisation Abid Hussain Bhayo chaired the meeting attended by Federal Secretary Privatisation Dr Iram A Khan, and senior officials of the ministry were also present.

The Board was apprised that the Roosevelt 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.

READ: PAKISTAN EXPECTED TO SELL SHARES OF ROOSEVELT HOTEL TO QATAR

The Board was briefed about the implementation status of different directions issued by the Board in its previous meetings. The Board showed its appreciation for the status update and directed the management to resolve the pending issues besetting privatization. It also advised that other government divisions should be approached to help 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 of 30-6-2022 of PC’s proceeds including the statement of aforementioned receivables.

READ: PLAN FOR QATARI INVESTMENT IN ISLAMABAD AIRPORT, ROOSEVELT HOTEL PREPARED

The Board proposed to form a sub-committee of its members to come up with a viable solution to the matter including ascertaining 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.

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