The Privatisation Commission Board unanimously approved the appointment of financial advisors to privatize Pakistan International Airlines (PIA), power distribution companies (Discos), and the Roosevelt Hotel in New York.
The board selected six firms as pre-qualified financial advisors for upcoming privatisation transactions, ensuring timely engagement for these projects. These include Citigroup Global Markets Ltd (UK), JP Morgan, Alvarez & Marsal (UAE), EY Consulting LLC Dubai, PWC-AF Ferguson & Co, and BDO Ebrahim & Co (Pakistan).
The board’s 222nd meeting, chaired by Federal Minister for Privatisation Abdul Aleem Khan, focused on advancing the privatisation agenda, with key decisions made on the financial and technical aspects of the ongoing process.
During the meeting, the board reviewed the Transaction Structure Report on the Roosevelt Hotel Corporation (RHC), New York, presented by Jones Lang LaSalle Americas, Inc (JLL), the appointed financial advisor for the transaction. The report evaluated various transaction options, including outright sale, joint venture development, and long-term lease.
JLL recommended a joint venture as the most suitable transaction structure to maximize proceeds and value for the Government of Pakistan. The board endorsed this recommendation, aiming for an optimal deal in the redevelopment of the Roosevelt Hotel.
Minister Abdul Aleem Khan acknowledged JLL’s detailed report and expressed confidence that the proposed structure would yield favorable outcomes for the Roosevelt Hotel transaction.
