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Privatization Commission to Auction Lahore’s International Hotel

Islamabad: According to news sources, Mohammed Mian Soomro, the chairman of the Privatization Commission, presided over a meeting to assess the status of the privatisation of public assets and made the announcement that the Service International Hotel (SIH) in Lahore would be put up for auction in the first week of August.

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The SIH, which spans more than 15 kanals and is located on Upper Mall, will be auctioned off in the first week of August, and the sale will be finalised by September 2021, the commission members were informed. The weekly meeting also made a decision to forward the privatisation of assets owned by several ministries and agencies.

Moreover, the Jinnah Convention Centre in Islamabad, a 7.5-acre structure next to Constitution Avenue, was a topic that the Privatization Commission and Capital Development Authority considered (CDA).

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The PC also agreed to speed up the process of selling the 17 buildings and parcels of property owned by federal ministries and departments. The committee also talked about choosing financial experts to supervise the procedure.

The group decided to send a summary of Pakistan Steel Mills’ transactional information to the cabinet. The forum also covered topics related to the privatisation of the First Women Bank Limited, Home Building Financing Corporation, and SME Bank.

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