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Lahore’s Services International Hotel Auctioned for Over 1.951bn

The Services International Hotel (SIH) in Lahore was auctioned off by the Ministry of Privatization on Thursday, with the highest bid exceeding the reserve amount by Rs 1, 951,718,500.

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Muhammad Mian Soomro, the Federal Minister for Privatization, oversaw the sale at a nearby hotel. On Prime Minister Imran Khan’s directions, Soomro indicated that the auctioning of state-owned properties was being conducted in a transparent manner in the country.

According to him, the government intends to privatize all money-losing public sector departments, including Pakistan Steel Mill, Mari Petroleum, Jinnah Convention Centre Islamabad, SME Bank, First Women Bank, PPL, Guddu Power Plant, Heavy Electrical Complex, and other power businesses.

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The federal minister indicated that the privatization was conducted in compliance with the plan and the Privatization Act, and that the primary objective of the auction was to reduce the country’s debt repayment burden.

The winning bidder is renowned real estate developers Faisal Town (Pvt) Ltd, which has agreed to deposit the remaining funds within the specified timeframe.

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