Privatisation of Services Int’l Hotel, Jinnah Convention Centre to be completed this year:PC

The Nation  |  Jul 30, 2021

ISLAMABAD   -  The Privatisation Commission on Thursday noted that privatisation of two public sector entities, Services International Hotel Lahore and Jinnah Convention Centre Islamabad, would be completed by the end of current year (2021).

The government, which is facing delay in completion of Privatization Programme mainly due to the technical issues, has announced to complete the privatisation of two PSEs by the end of current year (December 2021). The expression of interest for the open bidding/auction of Services International Hotel Lahore is going to be invited in the first week of August, 2021. The transaction is likely to be completed in the first week of September. Moreover, the transaction of NPPMCL is also pursued and a series of meetings with stakeholders are held on almost daily basis to resolve the debt and equity matters. For that purpose, a plan of action is already agreed upon regarding debt-refinancing for the plant from local commercial banks.

Djokovic becomes first player to reach 3 Olympics singles semifinals Meanwhile, the transaction of Jinnah Convention Centre is underway, the pre-qualification of bidders is completed and PC is moving ahead and also meeting with CDA, completion of this transaction is expected by the end of this year. Federal Minister for Privatisation Mohammedmian Soomro chaired the weekly privatisation review meeting in Islamabad, focusing on the progress so far made in the transaction of various entities to be privatised.

Federal minister was briefed about that the hiring of financial advisors for the sale of remaining properties has been initiated as the EOIs to that effect had already been published.

The meeting reviewed the difficulties being faced in the privatisation process of SME, HBFCL and First Women Bank Limited. The summary regarding transaction detail of the Pakistan Steel Mills (PSM) would be presented before CCoP in its next meeting. In the end the current status regarding the privatisation of DISCOs was also discussed.

UN Security Council unanimously approves Cyprus peacekeeping mission extension The government had decided to accelerate the privatisation programme as it has projected to generate Rs252 billion from the privatisation proceeds in the current fiscal year. Officials informed privatisation of SME Bank, First Women Bank Limited, Jinnah Convention Centre, House Building Finance Corporation Limited, and Services International Hotel is in advanced stages. The officials believed that government might complete the privatization of aforementioned PSEs in the first half (before December 2021) of the ongoing financial year.

It is worth mentioning here that the government had projected to generate Rs100 billion from the privatization process in last previous fiscal year 2020-21. However, the government could not get any major success in its sell-off plan of the PSEs. The Privatisation Commission had sold 23 properties of the federal government for Rs1.113 billion in last financial year. The government had received only Rs920 million against ten properties sold out of 23. Earnest money for remaining 13 properties was forfeited on account of the failure of the successful bidders to deposit the requisite amount.

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