Islamabad: The Privatization Commission Board, led by Federal Minister Abdul Aleem Khan, approved several significant decisions regarding the privatization of government institutions during its 222nd meeting. The session, marked by pivotal resolutions concerning the appointment of financial advisors for major assets including PIA, DISCOs, and the Roosevelt Hotel in New York, underscores a critical step towards enhancing transparency and efficiency in the privatization process.
According to Privatisation Commission, the meeting highlighted the board’s commitment to ensuring a transparent privatization process, as emphasized by Minister Abdul Aleem Khan. The board approved the selection of six firms as prequalified financial advisors, poised to guide future privatization initiatives. These firms include prominent international entities such as Citigroup Global Markets Ltd. UK, J.P. Morgan, and Alvarez and Marsal, UAE, among others. The involvement of these advisors is expected to facilitate the implementation of robust and transparent procedures, optimizing outcomes for the national economy.
The session also focused on the future of the Roosevelt Hotel, with a transaction structure report presented by Jones Lang LaSalle Americas, Inc. (JLL), which recommended a joint venture as the optimal strategy for the property. This approach is aimed at maximizing value from the sale and ensuring that financial and strategic goals are met.
The meeting not only reaffirmed the government’s dedication to privatizing loss-making institutions to alleviate the financial burden on the national exchequer but also stressed the importance of making prudent, long-term decisions in the national interest. The board’s actions reflect a comprehensive strategy to refine the privatization framework, ensuring it aligns with international best practices and the broader national economic goals.