ISLAMABAD, Dec 27: The Privatisation Commission has received the highest offer of Rs850 million for the sale of land of “Services International Hotel (SIH)” on Shahrah-e-Quaid-e-Azam, in Lahore.

Three parties M/s Hashwani Hotels Ltd, M/s S. A Builders and M/s Tri-Star Group participated in the bidding after depositing the earnest money of Rs100 million each by the due date.

The open bidding round was held here under the chairmanship of Zahid Hamid, minister for privatisation and investment in the presence of media representatives.

During the first round of the bidding the authorised representatives of the eligible parties dropped their sealed bids in the bid box, which were later opened and read out by the media representatives.

According to the first round results M/s S. A. Builders offered Rs655 million, while M/s Hashwani Hotels Ltd remained second with a bid of Rs450 million and M/s Tri-Star Group were the lowest with an offer of Rs400 million.

In the second open bidding round the bidders were invited to raise the bid amount starting from Rs655 million. M/s Tri-Star Group remained the highest in the final round with an offer of Rs850 million, while M/s Hashwani Hotels Ltd and M/s S.A Builders offered Rs845 million and Rs800 million, respectively.

Finally, the bidders were asked to match the minimum acceptable price of Rs1.53 billion but no party turned up to avail this opportunity.

Meanwhile, talking to the media representatives Zahid Hamid said that the bidding results would be considered in the upcoming Privatisation Commission Board meeting to form recommendations for a decision by the Cabinet Committee on Privatisation (CCoP).

The PC had invited Expressions of Interest (EOIs) in March 2006 and received nine EOIs from parties to own and run a five star hotel on prime land on Shahrah-e-Quaid-e-Azam, Lahore, which was presently titled as “Services International Hotel (SIH)” with an approximate area of fifteen (15) kanals and four (4) marlas.