ISLAMABAD, Nov 19: The Privatization Commission (PC) here on Wednesday received Rs530 million bid for the sale of the assets of Karachi Hotel Project formerly allotted to Hyatt Regency Hotel Project on “as is where is” basis.

Minister for Privatization and Investment Dr Hafeez Shaikh who is also Custodian for Hyatt Regency Hotel Project supervised the opening of the sealed bid.

The floor price for the property was set as Rs475 million. Bids were invited through public advertisement. One sealed bid was received from Aqeel Karim Dheedhi Securities.

The Supreme Court allowed on November 17, 2003 the opening of the sealed bid. The sealed bid box was opened in the presence of the representatives of the media and the bid envelop was shown to the bidder who confirmed that the envelop was intact, which was later opened.

The recorded bid offer was Rs480 million. The PC asked the bidder to improve the bid as per bidding instructions, which was later improved to Rs530 million by the bidder to bring it to an acceptable level.

The buyer has expressed his desire to utilize the property for public service by establishing a Commodity Exchange, which will add activity in the prime business location of Karachi.

The PC will now submit the bid, which is above the reference price to the government for approval. In case of acceptance of the improved offer, the successful bidder will be required to deposit 50 per cent of the bid price within seven days after the issuance of the Letter of Acceptance (LoA), while remaining 50 per cent of the offer price can be deposited over a period of 60 days.—APP