Reserved price Rs1.011bn: PC auctioned 23 of 26 properties worth Rs1.113bn

ISLAMABAD: The Privatisation Commission (PC) succeeded to auction 23 out of 26 properties worth Rs1.113 billion against Rs1.011 billion reserved price.

The Privatisation Commission (PC) Board Wednesday unanimously approved the bidders’ price for the auctioned properties across the country.

Federal Minister for Privatisation Mohammedmian Soomro chaired the board meeting. Privatisation board members and senior officials of the ministry attended the meeting. In the meeting, the auction results of the federal government-owned properties were discussed.

The government owned 26 properties were specified for the open public auction and the process started on September 7th and culminated on 28th September 2020.

The meeting started with the approval of the minutes of the previous board meeting and the discussion regarding the auction of properties ensued.

The matter regarding the future status of three unsold properties, (Republic Motors Lahore, Commerce Division’s land in Multan and land in Rahim Yar Khan owned by Aviation Division) would be placed before the Cabinet Committee on Privatisation for delisting or otherwise.

In recently held IMC meeting, the representative of the Ministry of Industries and Production proposed that the RML be delisted owing to the litigation involved as 35 percent of the property was owned by private owners, and eviction of 51 tenants would require a considerable length of time.

It is therefore suggested by the PC Board members that the decision relating to its status be decided by the Cabinet Committee on Privatisation (CCoP).

The last item was about the Wapda Rest House, KP.

The auction had to be postponed as the provincial government requested to allot/handover the property, hence the Privatisation Board members recommended that the subject property be delisted from the privatisation list and the proposal be placed before the CCOP. The meeting of the CCOP is likely to take place on Friday 23rd October.

Federal Minister and Chairman Privatisation Board, Mohammedmian Soomro reiterated that we are cognizant of all the rules and regulations and hence moving ahead steadily by consulting all relevant forums, and are undertaking every transaction/auction in a transparent manner.

Copyright Business Recorder, 2020