Current value assessed at Rs1.951bn: Rs2bn previous valuation of SIH was reasonable, CCoP told

ISLAMABAD: The Ministry of Privatisation has informed the Cabinet Committee on Privatisation (CCoP) that the fresh value of Services International Hotel (SIH) was assessed at Rs1.951 billion; therefore, the previous valuation was reasonable.

Sources said that this was in the report of the sub-committee constituted on privatisation of SIH, which was submitted by the Privatization Commission to the CCoP meeting presided over by Finance Minister Miftah Ismail.

The CCoP, after discussion, directed the Privatisation Commission (PC) to submit the summary through the Ministry of Law and Justice.

An official on condition of anonymity said that the previous valuation was around Rs2 billion.

SIH sell-off transaction cleared by minister-led panel

Ministry of Privatisation informed the CCoP that on 8 June 2022, the prime minister during a presentation on the privatization transactions, directed the PC to present SIH transaction details to the CCoP for review.

Therefore, the matter was placed before the CCoP meeting dated 24 June 2022 which constituted a sub-committee under the chairmanship of Minister for Privatisation and representatives from the Finance Division, Law and Justice Division, and Privatisation Commission as members to review the SIH transaction.

Copyright Business Recorder, 2022