Islamabad: The Privatization Commission (PC) on Wednesday (January 25) approved the terms of reference (ToRs) for the hiring of a financial advisor for the state-owned Roosevelt Hotel in New York, news sources reported.
Under the approved ToRs, the government would hire a financial advisor to renovate the Roosevelt Hotel into a multi-storey, multipurpose highrise. The project will be executed under the joint venture (JV) mode as prescribed in the Privatisation Commission Ordinance, 2000. The Privatization commission meeting presided over by the Federal Minister/Chairman Privatisation Abid Hussain Bhayo decided that the hotel, which is the property of Pakistan International Airline (PIA), will not be sold but will be privatized with a different goal to retain the majority share in the venture. The meeting also discussed matters related to other state-owned enterprises (SOEs) including the privatization of Pakistan Steel Mills, HBFCL, and the First Women Bank Limited.
It is important to note that the Privatization commission had earlier decided to privatize the multi-million dollar Roosevelt Hotel to raise funds for development projects. However, the state later decided to renovate and run the setup as it is and manage the affairs through third-party management.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
