Matters related to privatisation of HIS, others discussed

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Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of Cabinet Committee on Privatization on Monday.

Privatisation Commission tabled a summary related to Privatisation of Services International Hotel (HIS) and updated the Committee on process of privatisation of HIS till date. The CCoP after detailed deliberation referred the matter to Law and Justice Division for review of its earlier advice.

Privatisation Commission presented a summary on privatisation of SME Bank Limited and briefed the meeting on its status. After detailed discussion the CCoP considered the recommendation of PC board and decided to delist SME Bank from the Privatisation Programme, enabling SBP and Finance Division to proceed further with alternate options.

Regarding privatisation of PIA Investment Ltd. (PIA-IL) Owned Asset- Roosevelt Hotel, New York, the CCoP decided to uphold its earlier decision dated 2nd July, 2022, where the meeting directed the Privatisation Commission (PC) to initiate the process of appointment of Financial Adviser (FA) to undertake envisaged leasing of Roosevelt site for meeting up a Joint Venture project for prospective mixed-used development, through the best suited mode of Privatisation.