The Roosevelt Hotel: PC Board Approves Hire of Financial Adviser


ISLAMABAD: The Privatization Board (PC) approved the terms of reference for hiring financial advisors for the Roosevelt Hotel at a conference, ARY News reported on Wednesday.

Privatization Minister Abid Hussain Bhayo chaired the meeting and was attended by Privatization Minister Dr Iram A Khan. And high-ranking officials of the ministry also participated.

The board was informed that the Roosevelt Hotel was not being sold. Instead, it will be developed as a mixed-use high-rise building as a joint venture project through the most suitable form of privatization as stipulated in the Privatization Board Act of 2000.

read: Pakistan prepares to sell stake in Roosevelt Hotel to Qatar

The committee was briefed on the operational status of various directions. issued by the Board of Directors at the previous meeting The committee expressed its appreciation for the status update and directed the administration to resolve pending issues beset by privatization. It is also recommended that other government agencies be contacted. to assist the Privatization Board of State Enterprises in their work

The committee discussed various important issues. Including pending issues about litigation in various courts. It also seeks approval from the PC Board for a Special Audit Report on Debtors as of 30-6-2022 of PC’s earnings, including statements of such debtors.

read: Qatar’s Investment Plan in Islamabad Airport Preparing the Roosevelt Hotel

The committee proposed setting up a sub-committee to find a possible solution to the matter. Including checking the amount owed from other people.

The committee also approved a proposal to present a new review report before the court to determine the exact amount of the outstanding fees payable.

The committee was also briefed on progress in other ongoing transactions such as Pakistan Steel Mills, HBFCL and First Women Bank Limited.


Leave A Reply

Your email address will not be published.

2 weeks ago.