ISLAMABAD: The Privatization Commission Board in a meeting chaired by the caretaker federal minister for privatization Fawad Hasan Fawad has approved the appointment of a financial advisor (FA) for privatization/joint venture development of Roosevelt Hotel, New York, USA.
Among other decisions, the Board also recommended the delisting of the Nandipur power Plant (NPP) and Guddu power plant (GPP) from the privatization program by the cabinet committee on Privatization besides approving a transaction committee for overseeing the implementation of the financial services agreement (FASA) for divestment of PIACL.
The Board also discussed the post-privatisation issues of Pak-China Fertilizers Limited. The advertisement for inviting technical and financial proposals for the Roosevelt Hotel transaction was published on September 08, 2023.
It was briefed that four (4) 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.
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 approved a transaction committee headed by the secretary, Privatisation Commission for overseeing implementation of the financial services agreement FASA for Pakistan international airlines corporation limited PIACL divestment.
The Board while observing the longstanding issues pending since 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 privatization program by the cabinet committee on Privatisation (CCoP).
The board after considering the issues and litigation in the case of Pak China fertilizers limited directed 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
