PC Board Approves Appointment of Financial Advisor for Roosevelt Hotel’s Privatization

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Privatization Commission Board in a meeting chaired by the Federal Minister for Privatization Fawad Hasan Fawad approved the appointment of a Financial Advisor (FA) for the privatization/joint venture development of Roosevelt Hotel, New York.

Among other decisions, the Board also recommended the delisting of Nandipur Power Plant (NPP) and Guddu Power Plant (GPP) from the privatization program by the Cabinet Committee on Privatization besides approving a transaction committee for overseeing the implementation of financial services agreement (FASA) for divestment of PIACL.

The Board also discussed the post-privatization issues of Pak-China Fertilizers Limited. The advertisement for inviting technical and financial proposals for the Roosevelt Hotel transaction was published on September 08, 2023. Four (4) interested parties submitted their proposals.

The consortium led by Jones Lang La Saalle Americas Inc. (JLL) was declared as the “Top-ranked interested party” based on the evaluation as per the laid down criteria. The board formed a negotiating committee and tasked it to conclude the financial services agreement with the top-ranked bidder. The board was also briefed about the financial services agreement concluded recently with Ernest & Young LLC, Dubai led consortium for divestment of PIACL.

The board approved a transaction committee headed by the Secretary, Privatization Commission for overseeing the implementation of the FASA for PIACL divestment. The Board while observing the longstanding issues pending for over five years, related to the 425 MW Nandipur Power Plant and the 747 MW Guddu Power Plant recommended to seek the delisting of the power plants from the privatization program by the Cabinet Committee on Privatization (CCoP).

The board after considering the issues and litigation in the case of Pak China Fertilizers Limited directed the Privatization Commission to vigorously pursue speedy disposal of the cases in various courts to recover its outstanding dues and to hire the services of an expert lawyer for the purpose.

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