ISLAMABAD: The privatisation of the Services International Hotel, Lahore (SIH) successfully concluded on Friday with the signing of the sale agreement between Punjab Cooperative Board for Liquidation (PCBL) and Civic Company (Pvt) Limited (CCCL), Lahore Development Authority (LDA), Privatisation Commission and the buyer, at the Privatisation Commission (PC), Islamabad.

The Minister for Privatisation/ Chairman Privatisation Commission, Abdul Aleem Khan, witnessed the signing ceremony.

Faisal Town (Pvt) Limited was declared the successful bidder by the PC after an open public auction of the Services International Hotel

SIH transaction: CCoP allows Privatisation Commission to move ahead

in August 2021, the approval for which was granted by the Federal Cabinet on 27th October 2021.

The Minister for Privatisation thanked all the stakeholders including Government of the Punjab for their cooperation in amicable resolution of all pending issues to conclude this transaction.

He emphasised the need for a whole-of-government approach in implementing the privatisation programme and attracting private sector investments.

Copyright Business Recorder, 2024