ISLAMABAD: The Privatisation Commission Saturday clarified that no base price has yet been determined for Roosevelt Hotel, New York’s privatisation which can only be set at the time of bidding.
In a press statement, it said that the commission has noticed a misleading news report appearing on June 27 in a section of press asserting that the government has set $100 million as base price for sale of Roosevelt Hotel.
It is clarified that no base price has yet been determined for Roosevelt Hotel, New York’s privatisation which can only be set at the time of bidding.
The report misquotes Adviser to the Prime Minister on Privatisation, Muhammad Ali who had referred to estimated initial partial payment to be made by the successful party on signing of the agreement expected during the current fiscal year.
The base price and timing for realisation of total proceeds from the privatisation of Roosevelt Hotel will be based on transaction structure and final terms of the agreement approved by the government.
The finalization of the transaction structure is expected to be taken up in the next CCOP meeting.
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