ISLAMABAD: The federal government has decided to finalize the appointment of a financial advisor by mid-September for the privatization of the Roosevelt Hotel in New York.
According to official documents, the government has invited applications from interested firms for the appointment of a new financial advisor, with a deadline set for September 2, which is now about to expire.
Bidders are required to submit both technical and financial proposals by that date.
Once the proposals are reviewed, the selection process for the financial advisor is expected to be completed by mid-September.
The appointed advisor will examine and reassess the previous due diligence reports and transaction structure prepared for the Roosevelt Hotel’s privatization, making updates if necessary.
After the review of past reports, the marketing phase for privatization will be launched.
ALSO READ: Pakistan Navy hands over command of CTF-151 to Brazilian Navy
This will include pre-qualification of interested investors and negotiations with potential bidders, eventually leading to the auction of the Roosevelt Hotel in New York.
