Services International Hotel to be auctioned next month

Published July 30, 2021
In this file photo, Minister for Privatisation Mohammedmian Soomro chairs the Privatisation Commission board meeting. — Photo courtesy: Twitter
In this file photo, Minister for Privatisation Mohammedmian Soomro chairs the Privatisation Commission board meeting. — Photo courtesy: Twitter

ISLAMABAD: The auction of Lahore’s Services International Hotel (SIH) will take place in the first week of August while the transaction is expected to be completed by early September, the Privatisation Commission (PC) announced on Thursday.

During the weekly review meeting of the PC chaired by Minister for Privatisation Mohammedmian Soomro, participants were informed that the SIH property was located at Upper Mall Road and spread over an area of 15 kanals. The property presently has a four-storey structure.

The transaction of Jinnah Convention Centre in Islamabad was under way as the prequalification of bidders has been completed, the meeting was briefed.

PC has started the process with the Capital Development Authority (CDA), and transaction of the Jinnah Convention Centre would be completed by the end of 2021. The Jinnah Convention Centre comprises 7.59 acres of land near the Constitution Avenue and is built on an area of 4.13 acres of land.

PC told transaction of Islamabad’s Jinnah Convention Centre is under way

The hiring of financial advisers for the sale of remaining properties has been initiated as the Expression of Interests to that effect has already been published, the meeting was informed.

PC has been mandated to sell properties of the federal government and enterprises owned or controlled by the federal government in different parts of Pakistan. A list of 17 such properties has been finalised by the commission. These properties are owned by the ministries of commerce, industries and aviation in Multan, Lahore, Vehari and Rahim Yar Khan, respectively.

There are eleven apartments owned by the Earthquake Reconstruction and Rehabilitation Authority (ERRA) in Lahore and these will be auctioned too. Two rest houses owned by Wapda in Swat and Mansehra will also be auctioned.

The weekly meeting was also informed that the transaction of National Power Parks Management Company (NPPMCL) was also pursued and a series of meetings with stakeholders are held on almost daily basis to resolve the debt and equity matters.

For this purpose, a plan of action is already agreed upon regarding debt-refinancing for the plant from local commercial banks. The company owns and operates two new RLNG-based combined cycle power plants – the 1,230MW Haveli Bahadur Shah and 1,223MW Balloki.

The meeting reviewed the difficulties being faced in the privatisation process of SME Bank, House Building Finance Corporation and First Women Bank Limited.

A summary regarding the transaction detail of Pakistan Steel Mills would be presented before the Cabinet Committee on Privatisation in its next meeting.

Published in Dawn, July 30th, 2021

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