0
ISLAMABAD, May 26: Privatization and Investment Minister Dr Abdul Hafeez Shaikh has directed the Privatization Commission officials to complete all related formalities for holding the bidding for the sale of assets of Karachi Hotel Project formally allotted to Hyatt Regency Hotel, Karachi.
The minister, who is also the chairman of Privatization Commission and custodian of Hyatt Regency Hotel Project, will chair a pre-Privatization Commission Board meeting on Tuesday (May 27) to review the present status and progress of various upcoming transactions.
The Privatization Commission has already invited EoIs from the parties interested to acquire the assets of Hyatt Regency Hotel on ‘as is where is basis’.
INVESTORS: While talking to various prospective investors, including foreign consortium, who met him in Karachi on Sunday, the privatization minister said that various investors had indicated interests in the purchase of Hyatt Regency Hotel.
Dr Hafeez said the hotel was ready for privatization as all the obstacles, including debt hindering its sell-off for the last 30 years, had been resolved. He was of the opinion that this transaction would send positive message to the world that Pakistan was ready to receive foreign investment.
He pointed out that reforms were introduced in the public sector organizations to prepare them for the privatization.
Dr Hafeez said so far Rs3 billion have been mobilized by privatizing public sector organizations through stock exchanges during the last three months. He said small investors would be offered shares of PTCL, Thatta Cement and OGDC through stock market.
He told the delegates that more than eight parties had shown interest in Faisalabad Electric Supply Company. Talking about the privatization of KESC, the minister said
that $300 million would be required to make this huge organization attractive for the privatization.—APP
