No Plans to Sell Roosevelt Hotel, Senate Panel Told

Islamabad: The government has no plans to sell Roosevelt Hotel in New York and is instead seeking a joint venture for a ‘mixed-use development.’

This was revealed by the Privatization Commission in a briefing to the Senate Standing Committee on Privatization on Thursday. The commission said the terms of reference for the process have been sent to the aviation division and a decision was awaited.

The decision was pending due to a delay in the appointment of a financial adviser to key stakeholders.

The meeting was told that according to the Privatization Commission’s regulations and Public Procurement Regulatory Authority rules, the commission will hire a financial adviser to recommend the best-suited transaction structure in consultation with relevant stakeholders.

The meeting of the Senate Committee, chaired by Senator Shamim Afridi, also discussed the privatization of SME Bank, Services International Hotel in Lahore and Sukkur Electric Power Company (SEPCO)… - Dawn