By Ali Imran
ISLAMABAD: The Cabinet Committee on Privatization (CCOP) has approved the proposed transaction structure for the PIA’s iconic Roosevelt Hotel in New York in a major step towards privatization.
After evaluating three options presented by the Financial Advisor — (i) outright sale, (ii) joint venture with multiple options, and (iii) long-term lease — the CCOP selected the joint venture model with multiple options.
The approach is designed to maximize Roosevelt Hotel’s long-term value for Pakistan, while offering greater flexibility, multiple exit strategies, and reduced fiscal risk in the future.
Earlier on Tuesday, the Privatization Commission Board pre-qualified four investors for Pakistan International Airlines (PIA) in its meeting.
Privatization Minister Muhammad Ali chaired the 273rd meeting of the board.
According to a statement issued, the pre-qualification committee reviewed applications from five potential investors, with a thorough evaluation leading to the selection of four qualified companies. The pre-qualified consortia include Lucky Cement Limited and Hub Power Holdings Limited in the first group, Kohat Cement Company Limited and Metro Ventures Limited in the second, Arif Habib Corporation Limited and Fatima Fertilizer Company in the third, alongside City Schools Limited and Lake City Holdings, while Fauji Fertilizer features in the third consortium and Airblue in the fourth.
