ISLAMABAD: According to News Channel, the Privatization Commission Board, led by the Adviser on Privatization, convened a crucial meeting in Islamabad to examine and make important decisions regarding a number of significant privatization transactions, such as the Roosevelt Hotel and the House Building Finance Company Limited (HBFC). The board examined the privatization of important state-owned properties, including the Roosevelt Hotel and House Building Finance Company Limited (HBFC), according to an official statement. Given that Pakistan Mortgage Refinance Company was the only bidder during the whole process, the board recommended ending the ongoing negotiating process for the privatization of a 51 percent stake in HBFC.
It was noted that an offer of just Rs4.2 billion was made in comparison to the authorized reference price of Rs13.55 billion. The board recommended that the HBFC privatization process be renewed from scratch due to the substantial gap. The board agreed to end the continuing financial adviser hiring process at the Roosevelt Hotel. Citing little competition after the screening procedure decreased the number of interested parties from seven to only two, it ordered that additional expressions of interest be received for the recruitment of a new adviser. Additionally, the board suggested that the privatization plan include New Islamabad International Airport. In this context, the Privatization Commission was given permission to negotiate a financial advice arrangement with the Asian Development Bank.
The board also authorized the creation of a transaction committee for the privatization of Sukkur Electric Power Company (SEPCO) and Hyderabad Electric Supply Company (HESCO), two of the second group of power distribution businesses that would be privatized. The government’s intention to reevaluate significant privatization deals in order to guarantee openness, reasonable valuations, and increased investor involvement was represented in the meeting.
Pakistan Considers Tearing Down the Roosevelt Hotel
On October 06, 2025, Pakistan was considering options for its PIA-owned Roosevelt Hotel in New York City, including the potential to demolish the famous building and replace it with a skyscraper.
According to a Bloomberg report, this action was a component of Islamabad’s larger plan to fulfill its obligations to the International Monetary Fund (IMF). Due to severe income losses brought on by the COVID-19 epidemic, the 1,025-room hotel in midtown Manhattan was closed in 2020. It provided temporary housing for migrants for a short time in 2023 before closing once more. Muhammad Ali, Chairman of the Privatization Commission and Advisor to the Prime Minister on Privatization, told Bloomberg in Islamabad that the government was interested in a joint venture in which Pakistan would provide the land and the partner would pay the equity. If keeping the hotel makes financial sense, that is the alternative, he stated.
“After the JV partner and market sounding are finalized, we will have clarity on this in the next few months,” he stated.
