The Privatization Board approved the terms of reference for the hiring of a Financial Advisor for the Roosevelt Hotel.
The 207th Privatization Commission (PC) Council meeting was held on Wednesday under the chairmanship of Federal Privatization Minister Abid Hussain Bhayo.
The board was informed that the Roosevelt Hotel is not for sale. Rather, it will be developed into a multi-storey mixed-use tower as a joint venture project through the most appropriate mode of privatization as stipulated in the Privatization Commission Ordinance, 2000.
The Board of Directors was informed about the implementation status of the various directions issued by the Board of Directors in its previous meetings. The Board of Directors expressed its appreciation for the status update and instructed the management to resolve the outstanding issues regarding the privatizations. He also advises that other government departments should be approached to assist the Privatization Commission in its work.
The Council discussed various important issues, including pending issues related to disputes in various courts. The approval of the Board of Directors of the PS was also requested for the special audit report on the claims of 6-30-2022 of the PC revenue including the status of the aforementioned claims.
The Board proposed to constitute a sub-committee from its members to find a viable solution to the matter, including ascertaining the due amounts recoverable from other parties.
The board also approved the motion to bring the new audit report before the court to decide the exact amount of debts to be paid.
The Board was also briefed on the progress in other ongoing transactions such as Pakistan Steel Mills, HBFCL and First Women Bank Limited.