ISLAMABAD: The Privatization Commission Board, chaired by Federal Minister for Privatization and Board Chairman Fawad Hasan Fawad approved appointment of a Financial Advisor (FA) for the privatization and joint venture development of the Roosevelt Hotel in New York, USA.
The Commission recommended the delisting of Nandipur Power Plant (NPP) and Guddu Power Plant (GPP) from the privatization program, leaving the final decision to the Cabinet Committee on Privatization.
In a bid to facilitate the divestment of Pakistan International Airlines Corporation Limited (PIACL), the board approved the formation of a transaction committee. This committee will oversee the implementation of the Financial Services Agreement (FASA) for PIACL divestment. The meeting also delved into post-privatization issues concerning Pak-China Fertilizers Limited.
The process for inviting technical and financial proposals for the Roosevelt Hotel was published in September.
Four interested parties submitted proposals, with the consortium led by Jones Lang LaSalle Americas Inc (JLL) emerging as the top-ranked bidder.
The board formed a negotiating committee to finalize the Financial Services Agreement with the chosen bidder.
The board received a briefing on the recently concluded Financial Services Agreement with the consortium led by Ernest & Young LLC, Dubai, for the divestment of PIACL. Approval was granted for a transaction committee, headed by the Secretary of the Privatization Commission, to oversee the FASA’s implementation.
Addressing longstanding issues related to the Nandipur Power Plant and the Guddu Power Plant, the board recommended seeking their delisting from the privatization program, deferring the decision to the Cabinet Committee on Privatization (CCoP).
The board also directed the Privatization Commission to expedite the resolution of issues and litigation concerning Pak-China Fertilizers Limited, emphasizing the recovery of outstanding dues.
