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Referring to a news item pertaining to the proceedings of a meeting of the
Standing Committee on Defence and Defence Production held under the
Chairmanship of Senator Nisar Ahmed Memon to discuss the privatisation of
Roosevelt Hotel, New York, a spokesman of the Privatisation Commission has
clarified the position and stated that no decision has yet been taken for sale
of the Roosevelt Hotel as the Financial Adviser appointed for the purpose will
determine whether sale is feasible or not.
The Privatisation Commission had explained the privatisation process in detail
in the meeting stating that the privatisation of Roosevelt Hotel was being
processed in consultation with all stakeholders and after final approval from
the relevant forum i.e. PC Board and CCOP. It was explained that the process
of appointment of Financial Adviser was carried out in the light of relevant
rules and procedures in a transparent manner. It was further explained that
top ten investor banks based on the rating of Global Lodging & Liesure Mergers
& Acquisition (December 2006) were invited to bid for the appointment of
Financial Adviser and a Financial Advisor was appointed.
He informed that it was further clarified to the Committee that at this moment
only preliminary procedural work is being done by the Financial Adviser and no
firm estimates are available. The Financial Advisers have yet to approach the
market to determine the price of the hotel. A presentation on the process of
privatisation will be made to the Committee in the next meeting, the spokesman
concluded.