ISLAMABAD: The Ministry of Privatisation Thursday auctioned Services International Hotel (SIH) located in the provincial capital of Punjab at the highest bid of Rs1,951,718,500 against the reserved price of Rs1,949,718,500.

Renowned real estate developers Faisal Town (Pvt) Ltd is the successful bidder and assured that the remaining price would be deposited within stipulated time.

Federal Minister for Privatization Muhammad mian Soomro chaired the auction process at a local hotel in Lahore, while Federal Secretary Hassan Nasir Jamy, Director General Privatization Muhammad Shamim Khan, and others were present on the occasion.

On the occasion, Muhammadmian Soomro said that on the direction of Prime Minister Imran Khan the auction process of state-owned properties was being carried out in a transparent manner in the country.

He said the government had a plan to privatise all public sector departments, which were running in loss, adding that under the plan, Pakistan Steel Mill, Mari Petroleum, Jinnah Convention Centre Islamabad, SME Bank, First Women Bank, PPL, Guddu Power Plant, Heavy Electrical Complex (HEC), and other power companies were being privatised.

Auction for Lahore's SIH on 26th

The federal minister said the privatisation was being carried out as per the plan and Privatisation Ordinance, adding that the main purpose of auction was to reduce the burden of debt retirement of the country.

He said the government had to face some financial problems due to Covid-19, adding the government was now on road to progress and the exports of the country were increasing.

To a question, he said that today it was the success of the ministry that it incurred more than the base price of Services International Hotel, adding the government believed in merit and transparency in the auction process of state-owned properties.

To another question, the federal minister said the process of privatisation of Balloki Power, Bahadur Shah (NPPMCL) plants was delayed due to Covid-19, because the international investors demanded to visit the plant physically, which was not possible owing to the travel advisory restrictions, but now the matter is on track again and transaction would be completed within prescribed time.

Regarding the privatisation of Pakistan Steel Mills (PSMC), Mohammedmian Soomro said that the EoIs for investors regarding the Steel Mills would be invited soon.

Copyright Business Recorder, 2021


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