ISLAMABAD: Abid Hussain Bhayo, Federal Minister and Chairman Privatization Commission, presided over the first Privatization Commission (PC) Board meeting after taking over as Chairman PC.
The PC Board was informed of the situation regarding the privatization of the Jinnah Convention Center.
The Board highlighted that while it was doing everything it could to speed up the privatization process, it was lacking the necessary cooperation from the other ministries and divisions to address the issues faced by this entity.
It was briefed that the transaction had been halted due to reservations expressed by some CDA officials who disagreed with the transaction structure approved.
It is to note here that the federal minister of privatization recently met with the Chairman of the CDA to discuss the issue.
The parties mutually agreed that the Privatisation Commission, in collaboration with the CDA, would devise a viable Lay Out Plan, and the PC would also revise the transaction structure in consultation with the CDA.
This scenario has yet again brought the privatization of JC to an impasse despite a revised transaction structure.
JCC is located on the Srinagar Highway which was constructed in 1979. CDA took over the administration and maintenance of the building in 2000 and later on leased it to the interior ministry for 99 years in 2019.
