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ISLAMABAD: A meeting of the Cabinet Committee on Privatization has directed the Privatization Commission to hire the services of a financial adviser (FA) for Roosevelt Hotel New York and decided to de-notify the task force in this regard.

Adviser to the Prime Minister on Finance and Revenue chaired the meeting of the Cabinet Committee on Privatization here at the Cabinet Division to review the one-point agenda on the Privatization of Roosevelt Hotel (Manhattan, New York) asset owned by PIA-Investment Limited.

As requested by the Aviation Division, CCoP decided to de-notify the Roosevelt task force formed earlier under the chairmanship of Minister for Privatization for framing Terms of Reference (TORs) for leasing out the Roosevelt's site for setting up a joint venture project.

The CCoP also directed PC to hire a Financial Adviser to start the process for the transaction in the light of the report of M/s Deloitte from July 2019 which recommended "that the highest and best use of the Roosevelt Hotel Property is to redevelop the site into a mixed use (through Joint Venture) of primarily office tower over retail and condominium".

The meeting also directed that M/s Deloitte would update its study on the transaction in the next 4 weeks and the same shall be shared with the CCoP. The CCoP was meeting earlier scheduled for Wednesday but was postponed, according to an official, due to the meeting of the federal cabinet that discussed at length the issue of pilots' degrees.

Copyright Business Recorder, 2020