Govt Picks Joint Venture for Roosevelt Hotel Shortlists 4 Bidders for PIA
After looking at three options given by the financial advisor — (1) selling the hotel, (2) making a joint venture with different choices, and (3) giving it on long-term lease — the government group (CCOP) decided to go with the joint venture model that includes multiple options.
This plan is made to increase the long-term value of the Roosevelt Hotel for Pakistan. It also gives more flexibility, different ways to exit the deal in the future, and lowers the financial risk.
Earlier on Tuesday, the Privatization Commission Board held a meeting and selected four investor groups for Pakistan International Airlines (PIA).
Privatization Minister Muhammad Ali led the 273rd board meeting.
According to the official statement, the committee looked at applications from five investor groups. After careful review, they chose four of them.
The four selected groups are:
Group 1: Lucky Cement Limited and Hub Power Holdings Limited
Group 2: Kohat Cement Company Limited and Metro Ventures Limited
Group 3: Arif Habib Corporation Limited, Fatima Fertilizer Company, and Fauji Fertilizer
Group 4: City Schools Limited, Lake City Holdings, and Airblue
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