13 govt properties fetch Rs179.35 million in Lahore auction

LAHORE: The second phase of the auction of Federal Government owned properties was held in Lahore on Wednesday. Federal Minister for Privatisation Mohammed n

Mian Soomro was the chief guest at the occasion.

The auction included 13 properties located in different parts of Lahore. These include WAPDA owned commercial property located at Nicolson Road Lahore, three shops located at M.M. Alam Road and nine  apartments owned by ERRA located at Ferozpur Road, Lahore.

Against the reserve price of Rs. 175.005 million, Privatisation Commission was successful to auction all thirteen properties and able to generate 179.354 million for the national exchequer.

The privatization proceed are primarily used for retirement of national debt and also for the poverty alleviation.

While talking to the media, the Federal Minister expressed that all privatization transactions are being carried out in a most transparent manner as per the privatization legal framework. There are various steps and different forums that approve the reserve prices and transaction structure after comprehensive due diligence.

He expressed that comprehensive plan is underway for revival of economy and privatization is one of its core components.

He also apprised that privatization is an important mode of non-tax revenue proceeds for the economy besides long term benefits.

On the query on Roosevelt Hotel, Minister informed that it is not being privatized, rather a lease option is under consideration and stakeholders in due consultation. He also expressed that there are various entities in Energy sector which are being privatized or their shares are being divested.

Regarding the privatization of DISCOs, he informed that two DISCOs are being considered for Privatisation for which final decision will be taken with necessary restructuring done prior to offering for privatization.