Services International Hotel Sale Fetches Over Rs 1.951 billion

The Ministry of Privatisation on auctioned Services International Hotel (SIH), located in the provincial capital, at the highest bid of Rs. 1,951,718,500 (Rs. 1.951 billion) against a reserved price of Rs. 1,949,718,500.

Renowned real estate developer, Faisal Town Pvt Ltd, was the successful bidder and assured that the remaining price would be deposited within the stipulated time.

Federal Minister for Privatization, Muhammad Mian Soomro, chaired the auction process at a local hotel, while the Federal Secretary, Hassan Nasir Jamy, Director-General Privatization, Muhammad Shamim Khan, and others were present at the occasion.

On the occasion, Muhammad Mian Soomro said that on the direction of Prime Minister Imran Khan, the auction process of state-owned properties was being carried out transparently in the country. He said the government had a plan to privatize all public sector departments, which were running in loss. Further adding that under the plan, Pakistan Steel Mill, Mari Petroleum, Jinnah Convention Centre Islamabad, SME Bank, First Women Bank, PPL, Guddu Power Plant, Heavy Electrical Complex ( HEC), and other Power companies were being privatized.

The federal minister said the privatization was being carried out as per the plan and Privatization Ordinance, adding that the main purpose of auction was to reduce the burden of debt retirement in the country.

He said the government had to face some financial problems due to COVID-19, and the government was now on road to progress, and the exports of the country were increasing.

To a question, he replied that today, it was the success of the ministry that it incurred more than the base price of Services International Hotel, and the government believed in merit and transparency in the auction process of state-owned properties.

To another question, the federal minister replied that the process of privatization of Balloki Power, Bahadur Shah ( NPPMCL) plants was delayed due to COVID-19 because the international investors demanded to visit the plant physically, which was not possible owing to the travel advisory restrictions but now the matter is on track again, and the transaction would be completed within the prescribed time. Regarding the privatization of Pakistan Steel Mills( PSMC), Federal Mohammedmian Soomro said that the EoIs for investors regarding the Steel Mills would be invited soon.