ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) with advisor to the prime minister on Finance, Dr Abdul Hafeez Shaikh on the recommendation of the Aviation Division, directed that sell-off of Hotel Roosevelt Manhattan and updating of M/s Deloitte reports may be held in abeyance till the revival of the economic and business environment in Manhattan, New York. The report updation will also cost fee of 30k-35k while the overall business environment in prevailing in Manhattan is not favorable (as of lesser use now), it was briefed to the CCoP. The committee approved divestment of up to 7% state-owned shares in Oil and Gas Development Company limited (OGDCL) and up to 10% of shares in Pakistan Petroleum Limited (PPL) through public offerings and advised the concerned authorities to appoint financial advisor for these transactions. Adviser to the prime minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the CCoP meeting. The committee also gave approval for the privatization of Guddu Power Plant (747 MW) and gave directions to all the divisions/entities for resolving issues of Guddu Power Plant to facilitate the privatization process.
Transaction structures for privatization of Services International Hotel, Lahore, Jinnah Convention Center Islamabad, divestment of up to 20% shares of Pakistan Reinsurance Company Limited held by GoP, House Building Finance Company Limited and First Women Bank limited were also approved by CCoP.