ISLAMABAD, June 1: The Privatization Commission on Saturday received the highest bid of Rs110 million for the sale of Al-Haroon Chambers, Karachi, a property of Republic Motors.

Al-Haroon Chambers and Faletti’s hotel of Lahore, were the two re-estate public assets, which the Privatization Commission put to hammer on Saturday in an open bidding held in the presence of Privatization Minister Altaf Saleem.

Three parties turned up to participate in the bidding of Haroon Chambers, which had the floor price of Rs90 million.

New Allied Electronic Indus (Pvt) Ltd, manufacturer of the LG appliances, which has got a showroom at the Haroon Chamber, gave the highest bid of Rs110 million.

“The bid is not final as the highest bidder has been asked to further improve the bid before the Privatization Commission board meeting on June 5, where the decision whether to accept or reject the bid would be taken,” a PC spokesman told Dawn.

Al-Haroon Chambers is located on Plot No. 10, Garden Road, Karachi. It is a commercial corner plot in the prime business area of the city, measuring 4,408 square yards. The building has shops, showrooms at the ground floor, and offices, clinics and hospital on various floors.

Earlier, bidding was held for Faletti’s hotel. Two parties took part in the bidding. However, no party could match the floor price of Rs600 million. The bidders were informed that the Privatization Commission had earlier received Rs593 million offer for the hotel.

M/S Haji Mohammad Ghufran/ Afzal motors, Peshawar, offered the highest bid of Rs360 million. Though the highest bid was not acceptable, the Privatization Commission retained the offer, asking to match the floor price before the PC board meeting on June 5.

Faletti’s Hotel is located in the heart of Lahore. The hotel is 15 minutes drive from the airport and five minutes drive from Lahore railway station. The hotel has total area of approximately 68 kanals 11 marla square feet. It has 44 large residential rooms banquet hall, restaurant and facilities like tourist office, post office, tour and travel agencies, etc.

Later talking to newsmen, the privatization minister said the bidding for sale of United Bank Limited would be held on June 10.

Three parties — a consortium of Abu Dhabi Group and Bestway Group C/O Bank Alfalah Limited, consortium of Union Bank and Associates and a consortium of Muslim Commercial Bank and Associate — are in the run for UBL sell-off.