CCoP approves reserve price for sale of Services International Hotel

March 19, 2021: Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Cabinet Committee on Privatization (CCoP) yesterday.

Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Planning and Development Asad Umar, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Revenue, Dr. Waqar Masood and SAPM on Power Tabish Gauhar participated in the meeting.

Privatization Division presented a summary regarding approval of a Reserve price for the privatization of the Services International Hotel, Lahore. The Additional Secretary briefed the Committee that all codal formalities were met during the valuation process. After due deliberation, the Committee approved the Reserve price for the sale of Services International Hotel, as recommended by the Privatization Commission.

The Privatization Division presented various proposals regarding Award of Management Contracts for smooth running of DISCOs in compliance with the earlier directive of the CCOP meeting held on 04 January 2021. The Management Contracts would improve the service delivery and thus, serve the larger interest of electricity consumers in Pakistan. The Privatization Division also requested permission to hire a Transaction Adviser for completing the aforesaid tasks.

After detailed discussion, the Committee directed to speed up the process of completion of prior actions pertaining to the award of Management Contracts for DISCOs and present a roadmap with firmed-up proposals within a week, after seeking requisite approval from the Privatization Commission Board. The Committee also allowed the hiring of a Transaction Adviser as permissible under the rules.

In his remarks, the Finance Minister stressed the need to carry forward the process of Privatization on fast track basis. Time is of the essence in undertaking a well-structured privatization activity to bring in competitive efficiency, improve service delivery and enhance customer satisfaction. Privatization will diversify sources of income for the Government, generate employment opportunities and contribute towards overall economic growth and development, he added.

The Privatization Division also submitted a compliance report on the implementation status of Public Sector Enterprises (PSE) in Real Estate, Industries, Banking and Finance, Energy and other sectors which are on the active Privatization List.

The Committee reiterated the firm commitment of the Government in spearheading the privatization process with transparency and fairness in consultation with stakeholders.

The Finance Minister urged to observe the timelines and carry forward the whole process expeditiously, he concluded.

Press Release