Islamabad, In a significant move, the Privatisation Commission Board, chaired by Federal Minister for Privatisation Mr. Fawad Hasan Fawad, approved the appointment of a Financial Advisor for the Roosevelt Hotel in New York, USA, and recommended delisting two power plants from the privatization program.

According to Ministry of Privatisation, Privatisation Commission, the board meeting led to several key decisions, including the approval of a consortium led by Jones Lang LaSalle Americas Inc (JLL) as the top bidder for the Roosevelt Hotel transaction. The board formed a negotiating committee to conclude a financial services agreement with JLL.

Furthermore, the board was briefed on the financial services agreement recently concluded with Ernest & Young LLC, Dubai-led consortium for the divestment of Pakistan International Airlines Corporation Limited (PIACL). A transaction committee, headed by the Secretary of the Privatisation Commission, was approved to oversee the implementation of this agreement.

The board also recommended the Cabinet Committee on Privatisation to delist the 425 MW Nandipur Power Plant and the 747 MW Guddu Power Plant from the privatization program, citing longstanding unresolved issues. Additionally, the board directed the Privatisation Commission to expedite the resolution of pending legal cases related to Pak China Fertilizers Limited and to engage an expert lawyer for this purpose.

These decisions mark significant steps in Pakistan’s ongoing privatization and joint venture development efforts, aiming to streamline operations and improve the efficiency of state-owned enterprises.