ISLAMABAD, Nov 2: Federal Minister for Privatisation and Investment Zahid Hamid has said that the bidding for the sale of Services International Hotel (SIH), Lahore on "as is where is basis"; Hazara Phosphate Fertilisers Ltd (HPFL) and Lyallpur Chemicals and Fertilisers Limited (LCFL) will be held in the next few weeks.

Chairing a meeting of the board of Privatisation Commission here on Thursday he said that the government was endeavouring to get maximum price for its assets and to bring in quality players through competitive, open and transparent bidding process.

The privatisation process has yielded huge benefits for the national economy not only through utilisation of privatisation proceeds for debt retirement and poverty alleviation, but also through increased investment, reduction of subsidies, enhancement of government revenues and resulting in increased avail-ability of funds for social sector, he said.

A team of joint lead managers led by Goldman Sachs and Citigroup made a detailed presentation before the board on the up-to-date position for the divestment of 10 per cent to 15 per cent shares of Oil and Gas Development Company Limited (OGDCL)'s equity through Global Depository Receipts (GDRs) and a secondary domestic offering.

The initial domestic 5 per cent listing of OGDCL shares in 2003 was a tremendous success and had been oversubscribed by more than seven times attracting an amount of more than Rs28 billion. The market capitalisation increased by more than Rs170 billion, which works out to about $3 billion.

The meeting reviewed the progress and the status of various on-going and upcoming transactions. The PC board members, senior officials of the respective ministries and the concerned departments were present during the meeting.