Roosevelt Hotel sell-off: PC Board approves appointment of FA
ISLAMABAD: The Privatisation Commission Board in a meeting chaired by the Federal Minister for Privatisation/Chairman of the Board, Fawad Hasan Fawad granted approval to the appointment of the Financial Advisor (FA) for privatisation/joint venture development of Roosevelt Hotel, New York, USA.
Among other decisions, the board also recommended the delisting of Nandipur Power Plant (NPP) and Guddu Power Plant (GPP) from the privatisation programme by the Cabinet Committee on Privatisation besides approving a transaction committee for overseeing implementation of financial services agreement (FASA) for divestment of the PIACL. The board also discussed the post privatisation issues of Pak-China Fertilisers Limited.
The advertisement for inviting technical and financial proposals for the Roosevelt Hotel transaction was published on September 08, 2023. Four 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 laid down criteria. The board formed a negotiating committee and tasked it to conclude the financial services agreement with the top-ranked bidder.
Roosevelt Hotel given to NYC govt for 3 years: govt
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 gave approval to a transaction committee headed by secretary Privatisation Commission for overseeing implementation of the FASA for the 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 privatisation programme by the Cabinet Committee on Privatisation (CCoP).
The board after considering the issues and litigation in the case of Pak-China Fertilizers Limited directed the Privatisation 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.
Copyright Business Recorder, 2023
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