August 31, 2003	Sunday	Rajab 2, 1424

ISLAMABAD, Aug 30: Privatization Commission has received 18 Expression of Interest(EOI) from potential investors for acquiring the assets of Karachi Hotel Project formerly allotted to Hyatt Regency Hotel Project on “as is where is” basis. According to a handout issued here, a pre-bid meeting to be participated by the parties who have submitted EOIs will be informed about the base price on September 3, 2003 at Karachi. The pre-bid meeting will also facilitate the prospective investors for better understanding of the transaction and the bidding process. The last date for submission of application form, power of attorney, Earnest Money and sealed bids is fixed as September 10, 2003. The bidding shall take place according to details given in the bid documents. The project is available on a 99-year lease from the date of signing a restricted commercial use leasehold agreement, between the successful buyer and Pakistan Railways at a lease-rent of Rs556,745 per annum for the first ten years. The project is constructed on land measuring over 10,000 square yards. It is located at the inter-section of Maulvi Tamizuddin Khan Road and Dr. Ziauddin Ahmad Road. It is a prime business location of Karachi and directly faces Sheraton Hotel. Pear Continental Hotel and the PIDC House. The parties who have submitted EOI include Al-Raee Group of Companies, United Bank limited, Aqeel Karim Dhedhi Securities, National Transport Company, Start Cotton Corp (Pvt) Ltd, Jahangir Siddiqui and Co, Siddiqsons Group, Ghani Usman and Group, Khawaja Amir Ishaq, First Capital Securities Corporation Ltd, M/s Hashwani Hotels, Kuwait Hotels, Mr. Solaiman Hoqani, M/s Al- Meezan Investment Bank, Karachi Properties Investment (Pvt) Limited, Pakistan Petroleum Ltd. The House of Indonesia (FZC) and Export International.