ISLAMABAD (PEN) : The Privatisation Commission Board has given the green light to appoint financial advisors for the privatization of Pakistan International Airlines (PIA), various power distribution companies (Discos), and the Roosevelt Hotel in New York.
In a unanimous decision, the board selected six firms as pre-qualified financial advisors for these significant privatization projects. The firms include Citigroup Global Markets Ltd (UK), JP Morgan, Alvarez & Marsal (UAE), EY Consulting LLC Dubai, PWC-AF Ferguson & Co, and BDO Ebrahim & Co (Pakistan). This selection ensures that these crucial transactions will proceed smoothly and efficiently.
The board’s 222nd meeting, chaired by Federal Minister for Privatisation Abdul Aleem Khan, was dedicated to pushing forward the privatization agenda. Key decisions were made regarding both the financial and technical aspects of the process.
One of the critical topics discussed was the Transaction Structure Report for the Roosevelt Hotel Corporation (RHC) in New York. This report, presented by Jones Lang LaSalle Americas, Inc (JLL)—the appointed financial advisor for the Roosevelt Hotel—explored various options for the transaction, including a full sale, joint venture development, and a long-term lease.
JLL recommended a joint venture as the most advantageous structure to maximize the proceeds and value for the Government of Pakistan. The board supported this recommendation, aiming to secure the best possible deal for the redevelopment of the Roosevelt Hotel.
Minister Abdul Aleem Khan praised JLL’s thorough analysis and expressed optimism that the recommended approach would lead to a successful outcome for the Roosevelt Hotel transaction. His confidence reflects the board’s commitment to achieving the best results for these high-profile privatization efforts.
