Summary seeking privatisation of Roosevelt Hotel deferred
- By Web Desk -
- Jul 10, 2023
ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has deferred a summary seeking privatisation of Pakistan International Airlines-Investment Ltd (PIA-IL) Roosevelt Hotel, ARY News reported on Monday.
Federal Minister for Finance and Revenue Senator Ishaq Dar chaired the meeting of CCoP where the Privatisation Commission (PC) updated the CCoP on the status of the Privatisation process of Roosevelt Hotel.
The CCoP after discussion deferred the summary while directing the Privatisation Commission (PC) to submit an update on the Privatisation of the Roosevelt Hotel after consultation with the Aviation Ministry.
The PC also submitted a summary regarding the Privatisation of Services International Hotel (SIH) and updated the Committee on its Privatisation process.
The CCoP after a detailed discussion allowed the PC to proceed toward the successful conclusion of the SIH transaction with the completion of the transfer/mutation process in the name of the purchaser.
The PC also presented a summary of the Privatisation of House Building Finance Company Ltd (HBFCL) with one single (pre-qualified) bidder.
After detailed deliberations, CCoP decided to allow PC to proceed with a single source/negotiated transaction for the Privatisation of HBFCL with a sole pre-qualified investor namely Pakistan Mortgage Refinance Company Ltd (PMRCL).
The PC tabled a summary related to budget estimates of the commission for the fiscal year 2023-24 to the tune of Rs. 1,248.8 million. The CCoP after detailed deliberation approved the summary.
The PC also presented summaries on the Privatisation of Pakistan Engineering Company (PECO) and Privatisation of Sindh Engineering Limited (SEL) and briefed the meeting on their status. The CCoP after discussion deferred both summaries with directions that the Secretary Privatisation Commission, Secretary Law & Justice, and Secretary Industries & Production may hold mutual consultations and come up with the future course of action in both cases.