——– Over 25 State-owned institutions set to change hands
ISLAMABAD: The government on Wednesday presented a list of 25 state-owned institutions in the National Assembly set to be handed over to the private sector.
Privatisation Minister Abdul Aleem Khan submitted a list of institutions earmarked for privatization, including names such as Services International Hospital Lahore, Jinnah Convention Centre Islamabad, and PIA’s Roosevelt Hotel in New York.
Besides, major players like Pakistan International Airlines, Pakistan Reinsurance Company, and State Life Insurance Corporation are also slated for transfer to the private sector.
Earlier on Tuesday, Prime Minister Shehbaz Sharif directed the Privatisation Commission to expedite the privatisation process of all state-owned enterprises (SOEs), excluding strategic ones, regardless of their current financial status.
Emphasising the government’s role in facilitating investors rather than managing businesses, the premier underscored the potential savings for taxpayers and the enhancement of service quality through this initiative. During a recent high-level meeting chaired by PM Shehbaz to evaluate matters concerning the Minis-try of Privatisation and Privatisation Commission, a comprehensive roadmap for the Privatization Pro-gramme 2024-29 was presented. The prime minister urged federal ministries to collaborate closely with the Privatisation Commission to streamline the privatisation process.
Earlier, On Friday, Pakistan approved the hiring of an American real estate management firm for the privatisation of its prized real estate asset, the Roosevelt Hotel, located in the heart of New York. The badly managed property is currently owned by Pakistan International Airlines (PIA).
The Privatisation Commission’s board granted approval to appoint the consortium led by Jones Lang Lasalle Americas Inc (JLL) as the financial advisor for the “privatisation and joint venture development of Roosevelt Hotel, New York,” according to a statement by the Privatisation Commission.
Jones Lang Lasalle (JLL) is a Chicago-based real estate management firm chosen to formulate a transaction structure for the hotel’s privatisation. The decision to hire a financial advisor was made in July 2020, and it took two and a half years to finalise the selection.
Jones Lang Lasalle’s net worth is $7.4 billion, exceeding the total official reserves held by the State Bank of Pakistan (SBP).
Federal Minister for Privatisation Fawad Hasan Fawad granted approval for the appointment of the Financial Advisor (FA) for the privatisation and joint venture development of the Roosevelt Hotel in New York, according to the Privatisation Commission’s statement. –Agencies
