AGL 38.02 Increased By ▲ 0.08 (0.21%)
AIRLINK 197.36 Increased By ▲ 3.45 (1.78%)
BOP 9.54 Increased By ▲ 0.22 (2.36%)
CNERGY 5.91 Increased By ▲ 0.07 (1.2%)
DCL 8.82 Increased By ▲ 0.14 (1.61%)
DFML 35.74 Decreased By ▼ -0.72 (-1.97%)
DGKC 96.86 Increased By ▲ 4.32 (4.67%)
FCCL 35.25 Increased By ▲ 1.28 (3.77%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 13.17 Increased By ▲ 0.42 (3.29%)
HUBC 127.55 Increased By ▲ 6.94 (5.75%)
HUMNL 13.50 Decreased By ▼ -0.10 (-0.74%)
KEL 5.32 Increased By ▲ 0.10 (1.92%)
KOSM 7.00 Increased By ▲ 0.48 (7.36%)
MLCF 44.70 Increased By ▲ 2.59 (6.15%)
NBP 61.42 Increased By ▲ 1.61 (2.69%)
OGDC 214.67 Increased By ▲ 3.50 (1.66%)
PAEL 38.79 Increased By ▲ 1.21 (3.22%)
PIBTL 8.25 Increased By ▲ 0.18 (2.23%)
PPL 193.08 Increased By ▲ 2.76 (1.45%)
PRL 38.66 Increased By ▲ 0.49 (1.28%)
PTC 25.80 Increased By ▲ 2.35 (10.02%)
SEARL 103.60 Increased By ▲ 5.66 (5.78%)
TELE 8.30 Increased By ▲ 0.08 (0.97%)
TOMCL 35.00 Decreased By ▼ -0.03 (-0.09%)
TPLP 13.30 Decreased By ▼ -0.25 (-1.85%)
TREET 22.16 Decreased By ▼ -0.57 (-2.51%)
TRG 55.59 Increased By ▲ 2.72 (5.14%)
UNITY 32.97 Increased By ▲ 0.01 (0.03%)
WTL 1.60 Increased By ▲ 0.08 (5.26%)
BR100 11,727 Increased By 342.7 (3.01%)
BR30 36,377 Increased By 1165.1 (3.31%)
KSE100 109,513 Increased By 3238.2 (3.05%)
KSE30 34,513 Increased By 1160.1 (3.48%)
Dec 22, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print Print 2023-12-02

Roosevelt Hotel sell-off: PC Board approves appointment of FA

ISLAMABAD: The Privatisation Commission Board in a meeting chaired by the Federal Minister for...
Recorder Report Published December 2, 2023

ISLAMABAD: The Privatisation Commission Board in a meeting chaired by the Federal Minister for Privatisation/Chairman of the Board, Fawad Hasan Fawad granted approval to the appointment of the Financial Advisor (FA) for privatisation/joint venture development of Roosevelt Hotel, New York, USA.

Among other decisions, the board also recommended the delisting of Nandipur Power Plant (NPP) and Guddu Power Plant (GPP) from the privatisation programme by the Cabinet Committee on Privatisation besides approving a transaction committee for overseeing implementation of financial services agreement (FASA) for divestment of the PIACL. The board also discussed the post privatisation issues of Pak-China Fertilisers Limited.

The advertisement for inviting technical and financial proposals for the Roosevelt Hotel transaction was published on September 08, 2023. Four 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.

Roosevelt Hotel given to NYC govt for 3 years: govt

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 gave approval to a transaction committee headed by secretary Privatisation Commission for overseeing implementation of the FASA for the PIACL divestment.

The board while observing the longstanding issues pending for 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 privatisation programme by the Cabinet Committee on Privatisation (CCoP).

The board after considering the issues and litigation in the case of Pak-China Fertilizers Limited directed the 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.

Copyright Business Recorder, 2023

Roosevelt hotel CCoP Privatisation Commission financial advisor PC Board

Comments

Comments are closed.

Rebirth Dec 02, 2023 07:55am
The BVI courts would’ve sold PIA’s assets, which included this hotel but they stopped thanks to an out-of-court renegotiated deal with Barrick Gold. It was then decided that since the property is a fixed asset that can earn us revenue, it won’t be sold. Instead of being used as a hotel, it was leased to NYC to house migrants. The deal brought a lot of media attention. There were protests against the migrants while the Democrat Party politicians briefed the media. All the while the Roosevelt Hotel logo on the entrance could be seen in the backdrop. Once the migrants leave, we can use the brand awareness this political controversy has created to turn it into a successful hotel. The Chinese had to become a world power to own Astoria Waldorf in midtown Manhattan, while Pakistan owned Roosevelt in the ‘60s thanks to SEATO and CENTO. Prior to PIAC’s complete privatization, the hotel’s ownership must be transferred to another entity, possibly an SPV owned by a state-owned bank or corporation.
thumb_up Recommended (0)

Roosevelt Hotel sell-off: PC Board approves appointment of FA

PIA flights’ resumption to Europe will prove to be milestone: Aleem

Donald Trump says he might demand Panama hand over canal

US fighter shot down in ‘apparent case of friendly fire’ over Red Sea

‘Tax laws (amendment) bill likely to be challenged in courts’

Imran sets up team for talks with govt: Omar

PTI rejects award of sentences by military courts

Airport outsourcing: Dar-led panel to approve PAA’s recommendations

Equities outperform major asset classes

‘Judges for CBs, HCs’: Justice Mansoor says ‘rules must provide mechanism, criteria’

JCP gives CB judges six-month extension

Read more stories