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Fawad Hasan Fawad
Fawad Hasan Fawad
HeadlinesPakistanPolitics

Fawad Hasan Fawad Chairs Meeting, Approves Financial Advisor for Roosevelt Hotel Privatization.

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A Privatization Commission Board meeting was held under the chairmanship of Federal Minister for Privatization, Fawad Hasan Fawad. During the meeting, the appointment of a financial advisor for the privatization/joint venture development of Roosevelt Hotel in New York was approved. The Ministry of Privatization, in a press release, shared that the board made several key decisions.

Among these decisions, the board delisted Nandipur Power Plant (NPP) and Guddu Power Plant (GPP) from the privatization program through the Cabinet Committee on Privatization, in addition to PIA. The board also recommended the approval of a Transaction Committee to oversee the implementation of the Financial Services Agreement related to the privatization of CL. The meeting also addressed issues arising after the privatization of Pak China Fertilizer Limited.

An advertisement inviting technical and financial proposals for the transaction of Roosevelt Hotel was published on September 08, 2023. Four interested parties submitted their proposals, and the Consortium was declared as the “Top Rank Interested Party” based on the evaluation according to prescribed criteria. Subsequently, the board formed a negotiation committee and tasked it with executing the financial services contract with the highest bidder.

In a recent development, the board met with a consortium led by Ernst Young LLC Dubai. During the meeting, a briefing was provided on the financial services agreement for the privatization of PIACL. The Board approved a Transaction Committee, headed by the Secretary of the Privatization Commission, to oversee the implementation of the financing agreement for the divestment of PIACL.

Addressing long-standing issues related to the 425 MW Nandipur Power Plant and 747 MW Guddu Power Plant, the board recommended to the Cabinet Committee on Privatization (CCOP) to exclude the power plants from the privatization program. Additionally, the Board, considering the cases and litigation involving Pak China Fertilizers Limited, directed the Privatization Commission to expedite the disposal of cases in various courts for the recovery of dues and to hire expert counsel for this purpose.

Read more about “Caretaker Prime Minister Anwar -ul -Haq Kakar visits Abu Dhabi.”

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