ISLAMABAD: The Privatisation Commission Board on Tuesday prequalified four investors for the divestment of Pakistan International Airlines Corporation Ltd (PIACL), while the Cabinet Committee on Privatisation (CCoP) approved the transaction structure for the Roosevelt Hotel in New York, marking major progress in the government`s privatisation agenda.

After detailed scrutiny, the board prequalified four entities Fauji Fertiliser Company Ltd; Air Blue (Private) Ltd; a consortium comprising Lucky Cement Ltd, Hub Power Holdings Ltd, Kohat Cement Company Ltd and Metro Ventures (Private) Ltd; and another consortium consisting of Arif Habib Corporation Ltd, FatimaFertiliserCompany Ltd, City Schools (Private) Ltd and Lake City Holdings (Private) Ltd.

In a statement, the Privatisation Commission said its board had reviewed the Prequalification Committee`s recommendations, which were based on the evaluation of Statements of Qualification (SOQs) submitted by five prospective investors. These were assessed in line with the technical, financial and documentary requirements defined in the Request for Statement of Qualification.

The board meeting was chaired by Adviser to the Prime Minister on Privatisation and Privatisation Commission Chairman Muhammad Ali.

The prequalified parties will now move to the buy-side due diligence ph ase the next step in the transparent and competitive process for the privatisation of PIACL.

The Privatisation Commission had invited expressions of interest for the divestment of 51 to 100 per cent of PIACL`s share capital along with management control.

By the 19 June deadline for submission of SOQs in this second attempt at privatising the national carrier, eight interested par-ties had initially responded. Ultimately, five submissions were received and evaluated.

In a separate development, the CCoP approved the transaction structure for the Roosevelt Hotel in New York, as proposed by the Privatisation Commission Board.

The financial adviser had evaluated three strategic options: an outright sale, a joint venture with multiple options, and a long-term lease. Of these, the joint venture model with various options was approved.

This approach is aimed at maximising long-term value for the country while ensuring flexibility and multiple exit opportunities and minimising future fiscal exposure.

`These milestone decisions reflect the government`s strong commitment to advancing its economic reform and privatisation agenda in a transparent, market-driven and investor-friendly manner,` the Privatisation Commission said.