ISLAMABAD: A review committee of the Privatisation Commission (PC) on Thursday directed the formulation of a revised transaction structure for the privatisation of Jinnah Convention Centre (JCC) in consultation with the Capital Development Authority (CDA) through the PC Transaction Committee and also consider the environmental effects and other possibilities for turning around this loss-making entity into a profit-making one.

Federal Minister for Privatisation Abid Hussain Bhayo held a meeting with the chairman CDA, regarding the privatisation of JCC.

Federal Secretary Privatisation Dr Iram A Khan and senior officials were also present.

The meeting held in the backdrop of reservations of the CDA Board regarding few aspects of the transaction structure for the privatisation of the JCC and a way forward to convert this loss-making entity into profit making through a consultative process.

It was discussed that the Federal Cabinet approved the transaction structure of 7.59 acres (built-up structure 4.13 acre) of its land to a private owner in 2020 allowing the property status to be converted from amenity to commercial along with the NOC from the CAA for proposed height and FAT (1:10), CDA also issued the NOC in favour of privatisation after redefining JCC plot structure.

Consequent upon Privatisation Commission moved with the issuance of Expression of Interest (EOI) and 12 parties were pre-qualified, but the process could not move ahead on account of reservations of a couple of the CDA Board members on the conversion of entire property from amenity to commercial.

Federal Minister Bhayo stressed that we must move in a manner to ensure transparency on the one hand and providing a viable option for the potential investors on the other. Chairman CDA Amer Ali Ahmed endorsed the output from the Privatisation Commission and committed to assisting in all matters for the early resolution of issues delaying the privatisation of the JCC.

Copyright Business Recorder, 2022