The Cabinet Committee on Privatisation (CCoP) has allowed open auction bidding for 27 land assets owned by federal government entities in pursuance of a federal cabinet decision to dispose of unproductive state lands and assets.

The decision was taken at a meeting of the CCoP held at the Cabinet Block with Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh in the chair.

Earlier, the CCoP discussed the issue in detail and approved the recommendations of the Transaction Committee, Inter-Ministerial Committee and Privatisation Commission Board for an open auction bidding procedure and total reserve price of Rs 6.62 billion for 27 properties belonging to different federal government divisions and entities.

The CCoP was further told by the Privatisation Commission that the bidding process for the 27 properties was likely to be completed by the end of April 2020.-PR