The Privatization Committee of the Federal Cabinet (CCoP) approved the highest bid of Rs. 1.96 Billion received, at the auction of the privatization of the Lahore’s Services International Hotel.

A CCoP meeting chaired by Federal Finance Minister Shaukat Tarin on Friday presented a summary of the government’s privatization committee recommending a maximum rate of 1.96 billion Rupees, received following the Lahore International Services privatization auction. The meeting approved the summary.

The meeting was attended by Federal Minister of Planning, Development and Special Initiatives Asad Umar, Federal Privatization Minister Muhammad Mian Soomro, Federal Secretaries, Chairman of the SECP and other senior officials. Federal Advisor on Trade and Industries Abdul Razzak Dawood joined the meeting via video link.

The secretary of the privatization commission informed the participants about the measures that need to be taken to privatize or restructure the communities according to the schedule. He called on the finance minister to expedite the entire process with due diligence to make the public sector more efficient.

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