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Privatisation Board approves financial advisors for PIA, Discos, and Roosevelt Hotel


PIA CEO resigns

WEB DESK: The Privatisation Commission Board on Wednesday agreed to hire financial advisors to help with privatisation of Pakistan International Airlines (PIA), several distribution companies (Discos), and the Roosevelt Hotel in New York.

This decision was made during a meeting led by Abdul Aleem Khan, the Federal Minister for Privatisation, Board of Investment, and Communications. The Board looked at how the privatisation process was going and gave the green light to important financial and technical steps.

A major decision in the meeting was to approve six companies as qualified financial advisors for the privatisation programme. These companies are Citigroup Global Markets Ltd, UK; JP Morgan; Alvarez & Marsal, UAE; EY Consulting LLC Dubai; PWC-AF Ferguson & Co; and BDO Ebrahim & Co, Pakistan. These companies will help guide the privatisation efforts for the projects coming up.

The Board also discussed a report on the Roosevelt Hotel in New York, put together by a financial advisory firm called Jones Lang LaSalle Americas, Inc. (JLL). Based on this report, the Board suggested that a “Joint Venture” would be the best approach to handle the Roosevelt Hotel’s future.

The group led by JLL was chosen as the main financial advisors for the Roosevelt Hotel project on 28th November 2023, and they signed a contract on 2nd February 2024. As part of their job, they had to provide a report offering different options for how the hotel could be developed in the future.

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