SIH privatization concludes with multi-party agreement
MG News | November 23, 2024 at 04:19 PM GMT+05:00
November 23, 2024 (MLN): The sale of the Services International Hotel, Lahore (SIH), was successfully finalized yesterday with the signing of a sale agreement at the Privatisation Commission (PC) in Islamabad.
The agreement was concluded between the Punjab Cooperative Board for Liquidation (PCBL), Civic Company (Pvt) Limited (CCCL), the Lahore Development Authority (LDA), the Privatisation Commission, and the buyer.
The Minister for Privatisation/Chairman Privatisation Commission, Abdul Aleem Khan witnessed the signing ceremony.
Faisal Town (Pvt) Limited was declared the successful bidder by the Privatisation Commission after an open public auction of the Services International Hotel in August 2021.
Town (Pvt) Limited was declared the successful bidder by the Privatisation Commission after an open public auction of the Services International Hotel in August 2021.
The financial advisors for the transaction were Savills Pakistan (Pvt) Ltd (formerly Colliers International Pakistan Pvt Ltd) and Elixir Securities Pakistan (Pvt) Ltd.
The Federal Cabinet granted approval for this on 27 October 2021.
Minister for Privatisation thanked all the stake holders including Government of the Punjab for their cooperation in amicable resolution of all pending issues to conclude this transaction.
He emphasized the need for a whole of Government approach in implementing the privatisation programme and attracting private sector investments.
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