Privatization Commission Board reviews the auction result of govt owned properties

October 21, 2020: Federal Minister for Privatization Mohammedmian Soomro chaired the Privatization Commission (PC) Board meeting today in Islamabad. Privatization board members and senior officials of the Ministry attended the meeting.

In the meeting, the auction results of federal government owned properties were discussed. The government owned 26 properties were specified for the open public auction and the process started on September 7^th and culminated on 28^th September 2020. Out of 26 properties, 23 were successfully auctioned with 1.113 billion PKR auction proceeds against the 1.011 billion reserved price.

The Meeting started with the approval of the minutes of the previous board meeting and the discussion regarding the auction of properties ensued. Privatisation Commission Board unanimously approved the bidders’ price for the auctioned properties.

Moreover, for the matter regarding the future status of three unsold properties, (Republic Motors Lahore, Commerce Division’s land in Multan and land in RahimYar Khan owned by Aviation Division) would be placed before the Cabinet Committee on Privatisation for delisting or otherwise. It is pertinent to mention that the in recent IMC meeting the representative of the Ministry of Industries & Production proposed that the RML be delisted owing to the litigation involved as the 35% of the property is owned by private owners and eviction of 51 tenants would require a considerable length of time. It is therefore suggested by the PC Board members that the decision relating to its status be decided by the CCOP.

The last item was about the Wapda Rest House, KPK. The auction had to be postponed as the provincial government requested to allot/ handover the property, hence the Privatisation Board members recommended that the subject property be delisted from the privatisation list and the proposal be placed before CCOP. The meeting of CCOP is likely to take place on Friday 23^rd October.

Federal Minister and Chairman Privatisation Board, Mohammedmian Soomro reiterated that we are cognizant of all the rules and regulations and hence moving ahead steadily by consulting all relevant forums and are undertaking every transaction/ auction in transparent manner.

Press Release