A small ceremony was held yesterday in the Ministry of Privatization, where the buyer handed over the cheque of remaining amount of Services International Hotel. Federal Minister for Privatization Mohammedmian Soomro was also present at the occasion, said a press release.
In June 2021, Cabinet Committee on Privatization (CCoP) and Federal Cabinet approved privatization of Services International Hotel by way of sale through an open auction which took place on August 26, 2021.
The M/s Faisal Town Private Limited submitted the highest bid amounting to Rs1,951,718,500. The earnest money of Rs 100 million was deposited with the bid validity of 90 days. The CCoP approved the said bid on September 10, 2021, which was duly ratified by the Federal Cabinet on October 26, 2021.
After signing the letter of acceptance on November 2, 2021, the buyer paid 30% of sale amount, comprising of Rs. 585,515,550 on November 15, 2021 and remaining amount of Rs 1,266,202,950 to Privatization Commission on January 6, 2022.
The buyer has fully settled the amount well before the payment deadline. The transaction of hotel marks the successful execution of this strategic transaction by Privatization Commission in 2022.
