Privatization Committee Directs to Initiate Leasing of PIA-Owned Roosevelt Hotel in New York

The Cabinet Committee on Privatization (CCoP) has directed Privatisation Commission (PC) to initiate the process of appointment of Financial Adviser (FA) to undertake the envisaged leasing of the Roosevelt site.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of CCoP.

Regarding the privatization of PIA Investment Ltd (PIA-IL) Owned Asset- Roosevelt Hotel, New York, the CCCP decided to uphold its earlier decision dated 2nd July 2022 where the meeting directed the Privatisation Commission (PC) to initiate the process of appointment of

Financial Adviser (FA) to undertake envisaged leasing of Roosevelt site for meeting up a Joint Venture project for prospective mixed-used development, through the best-suited mode of Privatisation.

Privatisation Commission tabled a summary related to the Privatization of Services International Hotel (HIS) and updated the Committee on the process of privatization of HIS to date.

The CCoP after detailed deliberation referred the matter to the Law and Justice Division for review of its earlier advice.

Privatisation Commission presented a summary of the privatization of SME Bank Limited and briefed the meeting on its status.

After a detailed discussion the CCoP considered the recommendation of the PC board and decided to delist SME Bank from the Privatisation Programme, enabling SBP and Finance Division to proceed further with alternate options.

Ends