ISLAMABAD          -       The National Assembly Standing Committee on Privatisation was informed that government is appointing the Financial Adviser (FA) to undertake the envisaged leasing of Roosevelt Hotel site for setting up a joint venture project for prospective mixed use development.

The Privatization Commission would appoint the FA through the best suited mode of privatization as delineated in the PC Ordinance, 2000. The meeting of the Standing Committee on Privatisation was held under the chairmanship of Syed Mustafa Mahmud, MNA, for comprehensive briefing by Ministry of Finance, Privatization Division, Aviation Division and PIA (Investment Limited).

The Managing Director, PIAIL requested the Committee that due to some issues we may be allowed to give in-camera briefing on Roosevelt Hotel. The Committee recommended arranging in-camera detailed briefing on MsDeloittee report regarding privatization of Roosevelt Hotel in another meeting.

According to the Privatization Commission in compliance with the Cabinet’s decision dated 7th July, 2020, the Commission is developing the Terms of Reference (ToRs) in consultation with the concerned entity i. e PIA and administrative Ministry (Aviation Division) for the Financial Advisor Consortium to advise the government to undertake the envisaged leasing of Roosevelt site for prospective mixed use development, through the best suited mode of privatisation, as delineated in the Privatisation Commission Ordinance, 2000 and Rules /Regulations made there under. According to the law/rules /regulations of PC as well as PPRA, the Privatisation Commission will hire the services of FA Consortium which will recommend the best suited Transaction Structure under the modes of privatisation provided in the PC Ordinance /Rules and in consultation with relevant stakeholders. The proposed transaction structure will be presented before the PC Board and Cabinet Committee on Privatization (CCoP) for recommendations and for approval/Ratification by the Federal Cabinet.

The Senior Joint Secretary, Ministry of Finance, briefed the Committee on Sarmaya -e- Pakistan Limited (SPL). He informed that Finance Division incorporated SPL as a holding company, with the approval of the Federal Cabinet on 13-2-2019, which consist of three ex-officio members and eight independent directors. The key object of SPL is to direct, supervise and coordinate the management of subsidiary companies/PSCs to be transferred to SPL gradually from line Ministries.