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ISLAMABAD: The Privatisation Commission (PC) has initiated the hiring process of the Financial Advisory Consortium (FAC) for Roosevelt Hotel, New York, USA, owned by the PIA. In compliance with the Cabinet's decision dated 7th July, 2020, the Privatisation Commission is developing the Terms of Reference (ToRs) in consultation with the concerned entity i.e. the PIA and administrative ministry (Aviation Division) for the Financial Advisory Consortium to advise the government to undertake the envisaged leasing of Roosevelt site for prospective mixed use development, through the best suited mode of privatisation, as delineated in the Privatisation Commission Ordinance, 2000, and rules /regulations made thereunder.

According to the law/rules/regulations of the PC as well as the PPRA, the Privatisation Commission will hire the services of the FAC, which will recommend the best suited transaction structure under the modes of privatisation provided in the PC Ordinance/Rules and in consultation with the relevant stakeholders. The proposed transaction structure will be presented before the PC Board and the Cabinet Committee on Privatization (CCoP) for recommendations and for approval/ratification by the federal cabinet. In accordance with the transaction structure approved by the federal cabinet, the Privatisation Commission will invite the Expression of Interest (EoIs) from potential investors (national and international), which will be submitted to the PC Board, the CCoP and the federal cabinet for approval.

Copyright Business Recorder, 2020