Islamabad: Privatisation Commission Chairman Mohammed Mian Soomro on Thursday (July 29) chaired a meeting to review the progress in the privatisation of national assets and announced the auction of Lahore’s Service International Hotel (SIH) in August’s first week, news sources reported.
The commission members were informed that the auction of the SIH – located on Upper Mall and spanning over 15 kanals – would take place in the first week of August and that the transaction will be completed by September 2021. Furthermore, the weekly meeting also resolved to move the privatisation of assets owned by several ministries and agencies forward.
Moreover, the Privatisation Commission also discussed the matter of the privatisation of Jinnah Convention Centre in Islamabad- a 7.5-acre building adjoining Constitution Avenue Islamabad – in collaboration with the Capital Development Authority (CDA). Similarly, the PC also agreed to expedite the work on the selloff of the 17 buildings and lands held by federal ministries and departments. The committee also discussed the appointment of financial advisers to oversee the process.
The meeting agreed to submit the cabinet with a summary of Pakistan Steel Mills’ transaction details. Similarly, the meeting discussed issues pertaining to the privatisation of the SME Bank, House Building Finance Corporation, and First Women Bank Limited.
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