Privatization Commission Board Clarifies No Decisions Made on Financial Advisor Appointments or Roosevelt Hotel Divestment

Islamabad: In a recent update from the Privatization Commission (PC) Board, officials clarified misunderstandings from a prior announcement. The board confirmed that no decisions have been made regarding the appointment of a Financial Advisor or the proposed divestment plans for the Roosevelt Hotel.

According to Press Information Department, the clarification comes after a miscommunication in a press release dated August 21, 2024. The PC Board, which convened on August 20, 2024, reviewed recommendations for prequalifying a panel of Financial Advisors aimed at supporting the privatization program. The board did not approve any specific Financial Advisor during this meeting, contrary to earlier reports.

During the meeting, the board also discussed a Transaction Structure Report presented by Jones Lang LaSalle Inc (JLL), the appointed Financial Advisor for the Roosevelt Hotel. This report outlined various transaction options for the divestment. The board directed further analysis on these options and plans to review these findings in its next meeting, scheduled within a week. No decisions were forwarded to the Cabinet Committee on Privatisation (CCoP) as deliberations continue.

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