The Privatisation Commission (PC) has invited Expressions of Interest (EoI) from qualified investor(s), Consortium of Investors to privatise the assets of PTDC Motels/Restaurants through a competitive bidding process.
Pakistan Tourism Development Corporation (PTDC) is managing a number of Motels and Restaurants. PTDC Motels/Restaurants are being privatised to promote tourism, improve the quality of services and foster competition.
Interested investors have been asked to submit an Expression of Interest (EoI) (in duplicate) together with a non-refundable processing fee of PaK Rupee 30,000 or 500 dollar for each group latest by May 25, 2007. Expression of Interest (EoI) must be submitted along with the required information to be used for eligibility for pre-qualification including Name of Company/group and its background information; audited financial statements for the last one-year.
Details of beneficial ownership/group structure along with copies of Computerised National Identity Card (CNIC) of the directors/partners; name, address, telephone, mobile, fax, email of the focal person to be contacted. Individual investors or consortia of investors must provide; national tax number (NTN); wealth statement for the past one year certified by tax authorities and two bank references to confirm their individual and aggregate net worth for the last three years.
The other conditions include a warranty to be provided by the successful bidder. To continue to operate the privatised assets only as motels/restaurants, the Purchaser of the privatised assets shall not in any form or manner dispose off, alienate, transfer any or all land without the prior consent of PC. The cost of the Golden Handshake Scheme (GHS) for permanent workers and Voluntary Separation Scheme (VSS) for the permanent executives will be shared equally between the purchaser and the PC.
Privatisation Commission (PC) reserves the right to accept any bid or reject all or any of the bids at any stage without assigning any reason therefor. All matters including terms and conditions relating to privatisation of PTDC motels/restaurants shall be communicated to all qualified bidders from time to time prior to the bid date. Information memorandum, bid documents and time frame for the pre-bid conference and bidding date will be provided to pre-qualified parties only.
Preliminary information regarding PTDC motels/restaurants is available on the following website: www.privatisation.gov.pk The Government of Pakistan, Privatisation Commission reserves the right not to respond to any request for preliminary or other information. Documentation accompanying and comprising an Expression of Interest as provided by any investor or consortium shall not be reclaimable or returned.
This invitation is not intended to be, and should not be construed as: (a) an offer or invitation to acquire any securities or assets of PTDC motels/restaurants; and (b) any representation or warranty, express or implied, with respect to any statement made herein.
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