Govt does not plan to put up Roosevelt Hotel New York for sale.

ISLAMABAD -- Senate Standing Committee on Privatisation was informed on Thursday that the government does not plan to put up the Roosevelt Hotel New York for sale, but rather seeks a joint venture for prospective mixed use development. A meeting of the Senate Standing Committee on Privatisation was held on Thursday at Parliament House. Senator Shamim Afridi chaired the meeting. Issues taken up included a briefing by the Ministry of Privatisation in light of the meeting on Cabinet Commission on Privatization (CCOP) on the Roosevelt, New York; SME Bank and the Services International Hotel. Lahore. Privatization of Sukkur Electric Power Company (SEPCO) was also discussed in detail. The meeting commenced with a review of implementation status of recommendations made in previous meetings. After being apprised of details, the Committee was briefed about the CCOP meeting that discussed privatization of the Roosevelt Hotel, 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, 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...

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