PC board cancels bids for ZTBL financial adviser

The Privatisation Commission (PC) board on Friday cancel the bidding process for the appointment of the financial adviser for the privatisation of the Zarai Taraqiati Bank Limited (ZTBL) because of a high number of bidders.

The board, however, approved the establishment of a transaction committee for the ongoing process of private sector's participation in three DISCOs – Faisalabad Electric Supply Company (Fesco); Gujranwala Electric Power Company Limited (Gepco) and Islamabad Electric Supply Company (Iesco).

The 233rd meeting of the PC board met here with its chairman and Prime Minister on Privatisation Muhammad Ali in the chair. The board discussed the matters related to the privatisation of the Roosevelt Hotel, New York and the appointment of the financial adviser.

The PC board also discussed the transaction structures prepared by a consortium led by the JLL Inc for the RHC, and finalised its recommendations for submission to the Cabinet Committee on Privatisation (CCOP).

The board approved the transaction structures for the privatization of the ZTBL but decided to cancel the bidding process for the appointment of a financial adviser because of high number of bids. It decided to issue new advertisement acquiring the services of a financial adviser.