After consulting with the Aviation Ministry, the Privatization Commission (PC) has been instructed by the Cabinet Committee on Privatization (CCoP) to submit an update on the privatization of the Roosevelt Hotel.
Senator Ishaq Dar, the federal minister of finance and revenue, presided over the CCoP meeting where the Privatization Commission gave the CCoP an update on the progress of the privatization of the Roosevelt Hotel.
Following the discussion, the CCoP postponed the summary and instructed the Aviation Ministry to be consulted before submitting an update on the privatization of the Roosevelt Hotel.
Additionally, the PC updated the Committee on its privatization process and provided a summary of the privatization of the Services International Hotel (SIH). After a thorough discussion, the CCoP gave the PC permission to move forward with the successful completion of the SIH transaction by completing the transfer/mutation process in the name of the buyer.
Finance Minister Senator Mohammad Ishaq Dar chaired today meeting of the Cabinet Committee on Privatization (CCoP) which took important decisions regarding completion of the pending privatization transactions of Services International Hotel(SIH) & House Building Finance Co. Ltd. pic.twitter.com/uDIZYBf2QA
— Ministry of Finance, Government of Pakistan (@Financegovpk) July 10, 2023
A summary of the privatization of House Building Finance Company Ltd. (HBFCL) with a single (pre-qualified) bidder was also presented by the PC. After careful consideration, the CCoP decided to approve PC’s request to privatize HBFCL through a single source/negotiated transaction with a single pre-qualified investor, Pakistan Mortgage Refinance Company Ltd. (PMRCL).
A summary of the commission’s budget estimates for the fiscal year 2023–2024, totaling Rs. 1,248.8 million, was laid out by the PC. After careful consideration, the CCoP approved the summary.
The PC also gave an overview of the privatization processes for Sindh Engineering Limited (SEL) and Pakistan Engineering Company (PECO) and updated the meeting on their progress. Following the discussion, the CCoP postponed both summaries with instructions for the Secretaries of the Privatization Commission, Law & Justice, and Industries & Production to consult one another and determine the best course of action in both cases.
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