SIH selloff fetches over Rs1.952 billion

LAHORE: The government on Thursday auctioned Services International Hotel (SIH) located in the provincial capital at a highest bid of Rs 1.952 billion against reserved price of Rs1,950 billion. Muhammad Mian Soomro, minister for Privatization, chaired the auction process. Soomro said the auction process of state owned properties was being carried out in a transparent manner in the country.

He said the government had a plan to privatize all public sector departments which were running in loss, adding that under

the plan, Pakistan Steel Mill, Mari Gas Field, Convention Centre Islamabad, SME Bank, First Women Bank, PPL, Guddu Power Plant, HEC Heavy Electrical Complex, and other Power companies were being privatized.

The minister said the privatization was being carried out as per the plan and Privatization Ordinance, adding that the main purpose of auction was to reduce the burden of debt of the country.

He said the government had to face some financial problems due to Covid-19, adding the government was now on road to progress and the exports of the country were increasing.

The minister said the process of privatization of Haloki Power plant was delayed due to Covid-10, because the international investors demanded to visit the plant physically.