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A cabinet committee wants to know PIA’s plans for Roosevelt Hotel

February 13, 2019

Photo credit: Pro Pakistani

The Cabinet Committee on Privatisation has issued directions for proposals on the privatisation of Roosevelt Hotel New York and a fast track evaluation study for insurance companies.

Finance Minister Asad Umar chaired the CCOP meeting in Islamabad on Wednesday. Privatisation Minister Mohammad Mian Soomro was present too.

Privatization secretary shared with the meeting the progress on the active privatization list, which includes the National Power Parks Management Company, SME Bank, investment of government’s residual shares in Mari Petroleum Company, Services International Hotel, Lakhra Coal Development Company, Jinnah Convention Centre, Islamabad and the First Women Bank Ltd.

The committee was informed that progress of various degrees has been achieved. It was told that 15 PSEs, including PIA, have already been delisted from the privatization programme.

PIA officials told the committee regarding the current status and future prospects of the Roosevelt Hotel, New York. The committee directed that a formal proposal for its privatisation may be finalised by June 2019.

The commerce division was also directed to approve a system for the fast track evaluation of insurance companies, including the State Life Insurance Corporation, National Insurance Corporation and Pak Re-Insurance Company.

The commerce division will present its report on March 31.

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One Comment

  1. Avatar
    Saleem   February 14, 2019 9:04 pm/ Reply

    Roosevelt should not be sold out.
    This is now asset of Pakistan.
    Required proper management to run it overor lease out for some period.

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