Faletti's sold to 4B Marketing for Rs 1.211 billion

The Cabinet Committee on Privatisation (CCoP) on Monday approved the bid of Rs 1.211 billion by 4B Marketing for Faletti's Hotel, Lahore.
The Committee met here with Finance Minster Shaukat Aziz in the chair. Privatisation Minister Dr Abdul Hafeez Sheikh, Minister for Petroleum and Natural Resources Naurez Shakoor, Deputy Chairman Planning Commission Dr Akram Sheikh, and BoI Chairman and officers of other ministries/divisions attended the meeting.
The decision is subject to the conditions that the entire plot of Faletti's Hotel, which comes to 67 canals, will be used for the construction of a hotel, maintaining the façade and architectural aesthetics of the existing structure. Another condition is that two suites will be dedicated to Quaid-e-Azam and Justice A R Cornelius.