The Cabinet Committee on Privatization (CCoP) has directed the Privatization Commission (PC) to submit an update on the privatization of the Roosevelt Hotel after consultation with the Aviation Ministry.
Federal Minister for Finance and Revenue Senator Ishaq Dar chaired the meeting of CCoP where the Privatization Commission updated the CCoP on the status of the privatization process of Roosevelt Hotel.
The CCoP after discussion deferred the summary with direction to submit an update on the privatization of Roosevelt Hotel after consultation with the Aviation Ministry.
The PC also submitted a summary regarding the privatization of Services International Hotel (SIH) and updated the Committee on its privatization process. The CCoP after a detailed discussion allowed the PC to proceed toward the successful conclusion of the SIH transaction with the completion of the transfer/mutation process in the name of the purchaser.
The PC also presented a summary of the privatization of House Building Finance Company Ltd (HBFCL) with one single (pre-qualified) bidder. After detailed deliberations, CCoP decided to allow PC to proceed with a single source/negotiated transaction for the privatization of HBFCL with a sole pre-qualified investor namely Pakistan Mortgage Refinance Company Ltd (PMRCL).
The PC tabled a summary related to budget estimates of the commission for the fiscal year 2023-24 to the tune of Rs. 1,248.8 million. The CCoP after detailed deliberation approved the summary.
The PC also presented summaries on the privatization of Pakistan Engineering Company (PECO) and privatization of Sindh Engineering Limited (SEL) and briefed the meeting on their status. The CCoP after discussion deferred both summaries with directions that the Secretary Privatization Commission, Secretary Law and Justice, and Secretary Industries and Production may hold mutual consultations and come up with the future course of action in both cases.
Source: Pro Pakistani