September 7, 2020: The inaugural session for the auction of Federal Government Properties held today in Islamabad. Federal Minister for Maritime Affairs, Ali Haider Zaidi was the chief guest, Federal Minister for Privatization Mohammed Mian Soomro, SAPM OPHRD Zulfiqar Abbas Bukhari attended the inaugural session.
Federal minister Mohammed Mian Soomro said that this is a substantial step; we are privatizing 17 other entities simultaneously.
He further said that the transparency is our prime focus as directed by PM Imran Khan. He urged people to come forward and show interest and participate in the bidding, as the benefit ultimately goes to the country. The money will be used for debt retirement and poverty alleviation.
Minister Privatization said that the work rendered by the Inter-Ministerial Committee is impeccable and must be appreciated, and I once again reiterate that come forward and show interest because without the cooperation of the people of Pakistan this couldn't be materialized.
SAPM on oversees Pakistanis & HRD Zulfi Bukhari said that it is a great step of the government to auction the dead Properties which were rather straining the state resources. Moreover, it's a great opportunity especially when PM has announced construction sector package and due to that there has been a great development in real estate sector. Government should auction such properties.
Federal Minister for Maritime affair Ali Haider Zaidi said that today we achieved a milestone and upon which we shall build a positive image and working for future Privatization, the government wishes to sale these Properties in a most transparent manner, Privatization is a good step as it helps to inject capital, expertise and technology to loss making entities and make them financially viable. We could see how few banks performed better after they were privatized. The focus through this step would be to invest more on social development schemes.
It's pertinent to mention that in the first step of this auction, five government owned properties located in Islamabad were auctioned and were sold including two penthouses at Islamabad Country Club, Two apartments one in Centarus Mall F-8/4 and other located at PHA apartments in G-7/2. The maximum interest was seen in the land sold at Pir Sohawa with bidders substantially increasing their bid till the final call of the highest bidder.
During the auction the Ministry ensured that a transparent process is followed and all eligible bidders were given a fair and equal chance to actively participate in the bid. The bidding was conducted by the financial advisors in the presence of media and was dully monitored by the auction committee comprising of senior officials of the ministry. Federal minister Mohammed Mian Soomro was present all through the auction.
As a result of bidding against the reserve price of Rupees-140.525 million, ministry of privatization was successfully able to raise 156.45 million for the national exchequer.