The Cabinet Committee on Privatization (CCoP) has approved the highest bid of Rs1.96 billion received for the privatization of the Services International Hotel (SIH), Lahore. This is huge news considering the hit the industry has taken because of the pandemic.
Pakistan was also a red list country for a little while on most European country travel agendas which also curtailed their tourism from that end.
Federal Minister for Finance and Revenue Shaukat Tarin presided over the CCoP meeting at the end of last week as the meeting was an important one to make a decision regarding the bid for the service hotels.
The committee approved the summary, tabled by the Privatization Commission Board, recommending the highest bid of around Rs1.96 billion received after the auction proceedings for the privatization of the Services International Hotel.
Moreover, the Privatization Commission Board secretary briefed the participants about the actions being taken to privatize or restructure entities with their respective timelines.
Finance Minister Tarin directed to accelerate the entire process with due diligence to bring efficiency into the public sector. With the publics sector becoming more effective it would help the government gain some stability as well.
He also said the government is firmly committed to the reforms agenda focusing on improving the functions of the State-owned Enterprises to make them profitable and sustainable.
Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Privatization Mohammedmian Soomro, federal secretaries, Securities and Exchange Commission of Pakistan chairman and other senior officials participated in the meeting. Adviser to the PM on Commerce Abdul Razak Dawood joined the meeting through a video-link.
