ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) approved the highest bid of about Rs. 1.96 billion received after auction proceedings for privatisation of Services International Hotel, Lahore
Federal Minister for Finance and Revenue, Shaukat Tarin presided over the meeting of the Cabinet Committee on Privatization (CCoP). The CCoP approved the summary, tabled by the Privatization Commission Board, recommending highest bid of about Rs. 1.96 billion received after auction proceedings for privatization of Services International Hotel, Lahore.
The PTI-led government in last week of August had successfully completed its first privatisation by auctioning of Services International Hotel (SIH) located in the provincial capital of Punjab at a highest bid of Rs1.95 billion. Ministry of Privatisation had auctioned Services International Hotel (SIH) located in the provincial capital at a highest bid of Rs 1,951,718,500 against reserved price of Rs 1,949,718,500. Renowned real estate developer, Faisal Town Pvt Ltd is the successful bidder which assured that the remaining price would be deposited within stipulated time.
SIH is the first transaction for the PTI government which has completed three years of its tenure. The present government’s agenda of privatisation is moving at a snail’s pace. The SIH is centrally located in Upper Mall Lahore and spread over an area of more than 15 kanals. SIH is among the 19 public sector entities on the list of the active privatisation programme of the government.
Moreover, the Secretary Privatization Commission Board updated the participants about the actions being taken to privatize or restructure entities with respective timelines.
In his remarks, the finance minister directed to accelerate the whole process with due diligence in order to bring efficiency into the public sector. He further stated that the government is firmly committed to the reform agenda focusing on improving the functions of the state-owned enterprises to make them profitable and sustainable.
Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Privatization Muhammad Mian Soomro, Federal Secretaries, Chairman SECP other and senior officers participated in the meeting. Adviser on Commerce Abdul Razak Dawood joined the meeting through a video link.
