ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has approved highest bid of about Rs1.96 billion received after auction proceedings for privatisation of Services International Hotel, Lahore.

The CCoP meeting presided over by Federal Minister for Finance Shaukat Tarin, on Friday, was submitted the summary by the Privatisation Commission Board, recommending highest bid of about Rs1.96 billion received after auction proceedings for privatisation of Services International Hotel, Lahore. The meeting approved the summary.

Lahore’s Services International Hotel auctioned for over Rs1.951 bn

Moreover, the secretary Privatisation Commission Board updated the participants about the actions being taken to privatise or restructure entities with respective timelines. 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 Privatisation Muhammad mian Soomro, federal secretaries, chairman Securities and Exchange Commission of Pakistan (SECP), and other senior officers participated in the meeting. Adviser on Commerce Abdul Razak Dawood joined the meeting through a video link.

Copyright Business Recorder, 2021