ISLAMABAD
Senate Standing Committee on Privatization was told on Thursday that the federal government has no plans to put up the Roosevelt Hotel for sale, but rather seeks a joint venture for prospective mixed use development as delineated in the PC Ordinance, 2000.
According to details, a meeting of the Senate Standing Committee on Privatization was held on Thursday at Parliament House.
Committee was briefed about the CCOP meeting that discussed privatization of the Roosevelt Hotel. NY; SME Bank and Services International Hotel.
Reviewing the privatization status of the Roosevelt Hotel, the Committee was informed that the Government does not plan to put up the hotel for sale, but rather seeks a joint venture for prospective mixed use development as delineated in the PC Ordinance, 2000. TORs have been sent to the Aviation Division that is pending due to delay in the appointment of the Financial Advisor to key stakeholders that has been reinitiated by the Privatization Commission.
Discussing the privatization process of the SME Bank, Ltd the Committee was informed that CCOP considered the summary dates 24th December, 2022 submitted by the Ministry of Privatization and approved recommendations of the PC-Board in its meeting held on 25th November, 2022 regarding delisting of the SME Bank from the Privatization Program. Finance Division and State Bank of Pakistan (SBP) will take on the matter further. A report will be presented to the Committee in the next meeting. The Committee recommended that the SME Bank may be attached with a reputed Bank preferably NBP.
Regarding privatization of the Services International Hotel, the Committee was informed that report of the sub-Committee that was formed by the Prime Minister under the Chairmanship of Minister for Privatization with representatives from the Finance Division, Law and Justice Division and Secretary |Privatization Commission was submitted to the CCOP. Directions were given to re-submit the report after inputs from Law and Justice Division regarding conformity of rules and regulations of the process. The matter is pending with the Ministry of Law and Justice.
