The Commission on Privatisation has approved the SIH transaction.The transfer/mutation process for the Services International Hotel (SIH) was finalised in the name of the purchaser on Monday, and the Cabinet Committee on Privatisation (CCoP) gave the go-ahead in Islamabad.
Senator Mohammad Ishaq Dar, Minister of Finance and Revenue, presided over the CCoP meeting. The meeting was attended by federal secretaries, senior officials, the Ministers of Power and Commerce, the Chairman of the Privatisation Commission, and the State Ministers for Finance and Revenue, as well as the Chairman of the RRMC, Ashfaq Yousuf Tola.
The Privatisation Commission provided an update to the committee and submitted a summary on the privatisation of SIH.
After a lengthy discussion, the CCoP gave the Privatisation Commission the green light to finish the transfer/mutation process in the name of the buyer, bringing the SIH transaction to a successful close.
The Privatisation Commission also gave a rundown of the one-bidder privatisation of House Building Finance Company Ltd (HBFCL).
After much deliberation, the CCoP approved the Privatisation Commission’s plan to conduct a single source/negotiated transaction for the privatisation of HBFCL with the sole pre-qualified investor, Pakistan Mortgage Refinance Company Ltd (PMRCL).
A summary of the Privatisation Commission’s proposed Rs. 1248.8 million budget for the 2023-24 fiscal year was recently presented in parliament.
After careful consideration, the CCoP gave the summary its stamp of approval. The Privatisation Commission also briefed the meeting on the progress being made towards privatising Pakistan Engineering Company (PECO) and Sindh Engineering Limited (SEL).
Following discussion, the CCoP decided to table both summaries with instructions for the Secretaries of Privatisation, Law and Justice, and Industries and Production to confer and determine next steps.
The current status of the Roosevelt Hotel privatisation process was also reported to the CCoP by the Privatisation Commission.
After some debate, the CCoP decided to table the summary and request an update on the status of the Roosevelt Hotel’s closure from the Aviation Ministry.
