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Islamabad: The Privatization Commission Board, led by Federal Minister for Privatization Abdul Aleem Khan, approved crucial decisions in its 222nd meeting to drive forward the privatization of key government institutions, including PIA and the Roosevelt Hotel in New York. This meeting marks a significant step in Pakistan’s broader privatization strategy aimed at alleviating the financial burden on the national exchequer by transferring loss-making entities to the private sector.
According to Press Information Department, the board’s decisions included appointing financial advisors for several high-profile privatization projects, emphasizing transparency and adherence to stringent criteria throughout the privatization process. The meeting underscored the government’s commitment to making sound, sustainable decisions that align with national interests.
The board approved a distinguished panel of six international financial advisory firms, including Citigroup Global Markets Ltd. UK and J.P. Morgan, to facilitate the upcoming privatization transactions. A notable development discussed during the meeting was the proposed joint venture as the preferred transaction structure for the Roosevelt Hotel, based on a detailed report by Jones Lang LaSalle Americas, Inc. (JLL), which was appointed as the Financial Advisory Consortium (FAC) for this transaction.
Minister Khan expressed satisfaction with the board’s performance and the strategic direction of the privatization initiatives. He highlighted the importance of the chosen transaction structure for the Roosevelt Hotel, which aims to maximize returns and value to the Government of Pakistan, as recommended by JLL following their comprehensive analysis of the New York real estate market.
The engagement of world-class financial advisors and the meticulous planning of transaction strategies reflect Pakistan’s focused approach to reforming and revitalizing its public sector through privatization.
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