PC gets go-ahead for Services Hotel, HBFC divestment
On Monday, the Cabinet Committee on Privatisation (CCoP) allowed the Privatization Commission to complete the privatization of Services International Hotel and House Building Finance Corporation (HBFC).
A meeting of the CCoP, chaired by Finance Minister Ishaq Dar, deferred a summary presented by the Privatization Commission on the privatization of PIA-owned Roosevelt Hotel in New York and asked the commission to provide an update on the process after consulting with the aviation ministry.
According to Khwaja Saad Rafique, the New York City government has signed a contract to operate Roosevelt Hotel for three years. A $220 million deal is expected to be reached, he said.
The CCoP requests an update on the sale of the Roosevelt Hotel
A cabinet decision has directed the commission to develop terms of reference for a consortium to advise the government on leasing Roosevelt site for prospective mixed-use development through the best privatization methodology.
A summary of the privatization process of Services International Hotel (SIH) has been submitted by the Privatization Commission to the CCoP. Following a detailed discussion, the committee allowed the Privatisation Commission to proceed toward successful completion of the SIH transaction.
A summary of the privatization of HBFC with a single (prequalified) bidder was also presented by the commission. CCoP approved single source/negotiated transaction for privatization of HBFC with sole pre-qualified investor, Pakistan Mortgage Refinance Company Ltd (PMRCL), following detailed deliberations.