Pakistan International Airlines Investment Limited (PIAIL) has revealed that a Financial Advisor is being appointed by the Privatization Commission to undertake the envisaged leasing of the Roosevelt site for a Joint Venture project.
The 10th meeting of the Standing Committee on Privatization was held under the Chairmanship of Syed Mustafa Mahmud, MNA, for a comprehensive briefing by the Ministry of Finance, Privatization Division, Aviation Division and PIA (Investment Limited).
The Managing Director, PIAIL requested the Committee that due to some issues they need to give an in-camera briefing on Roosevelt Hotel. He also informed that a Financial Advisor is being appointed by the Privatization Commission to undertake the envisaged leasing of Roosevelt site for a Joint Venture project for prospective mixed-use development, through the best-suited mode of Privatization as delineated in the PC Ordinance, 2000.
The Committee recommended arranging in-camera detailed briefing on Ms/Deloitte report regarding the privatization of the Roosevelt Hotel in another meeting.
The Senior Joint Secretary, Ministry of Finance, briefed the Committee on Sarmaya -e- Pakistan Limited (SPL). He informed that the Finance Division incorporated SPL as a holding company, with the approval of the Federal Cabinet on 13-2-2019, which consists of three ex-officio members and eight independent directors.
The key object of SPL is to direct, supervise and coordinate the management of subsidiary companies/PSCs to be transferred to SPL gradually from line Ministries. It 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.