LAHORE: The Privatization Commission carried out the auction for 13 federal government-owned properties and secured Rs 179.354 million under the second phase of auction on Wednesday.

Federal Minister for Privatization Mohammedmian Soomro was the chief guest on the occasion. The government properties located in different parts of Lahore include WAPDA-owned commercial property located at Nicolson Road Lahore, three (3) shops located at M.M. Alam Road and nine apartments owned by ERRA located at Ferozpur Road. Against the reserve price of Rs. 175.005 million, the Privatization Commission successfully auctioned all 13 properties and generated 179.354 million for the national exchequer.

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

Talking to the media, Soomro said that all privatization transactions are being carried out in "most transparent" manner as per the privatization legal framework. There are various steps and different forums that approve the reserve prices and transaction structures after comprehensive due diligence. He said a comprehensive plan is underway for the revival of economy and privatization is one of its core components. He also said that privatization is an important mode of non-tax revenue proceeds for the economy besides long-term benefits. In response to a query on Roosevelt Hotel, the minister said that it is not being privatized, rather a lease option is under consideration and all stakeholders will be consulted. He said there are various entities in the energy sector which are being privatized or their shares are being divested. Regarding privatization of DISCOs, he said that two DISCOs are being considered for privatization for which a final decision will be taken with necessary restructuring done prior to their sell-off.

Copyright Business Recorder, 2020