PESHAWAR : Ministry of Privatization on Friday auctioned a Wapda-owned rest house in Mansehra in light of the federal government’s directives, fetching Rs72 million.
The auction ceremony of the Lalazar Batakundi Rest House Mansehra which is stretching over six kanal and eight marla was held in local hotel Abbotabad.
Six private companies took part in auction process which was witnessed by Director General Auction Committee, Ministry of Privatization, Iftikhar Hussain Naqvi, Director Transaction Suleman Amin, Manager Zahir Saddiq, Member Auction Committee and Assistant Additional Commissioner Aminul Hassan besides other relevant officials, says a press release issued here.
Managing Director Swat Tourism Company Hashim Swati was a successful bidder.
Speaking on the occasion, Director Auction Committee, Ministry of Privatization Iftikhar Hussain Naqvi said that the auction process of abandoned prosperities of the government departments in the country was taking place after seven years.
He said the government was pursuing a policy to strengthen the national economy by disposing of properties of the loss-making entities.
Under the same policy, he said that 1268 acre land of the Pakistan Steels Mills (PSM) was being leased out and a formal approval had been given in this regard, he added.
He said that world-famous Korean, Russian, Turkish and Chinese companies had shown interest to get the lease.
Besides 20,000 acre core land of the Steels Mills would be leased out to Pakistani holding companies.
He said that Pakistan Steels Mills was incurring massive losses and as a result it was lying closed.
He said that PSM employees were taking salaries at homes, prompting the government to decide to lay them off.
He said that a preliminary report about privatization of the Heavy Electrical Complex in Hazara division was being prepared, adding the privatization process was taking place in light of the federal cabinet’s decision in 2019.
He said the purpose of the step was to dispose of the unused properties of departments and deposit the proceeds which come from auctioning in national kitty.
He said that 90 percent of the amount would be spent on payment of foreign loans while remaining 10 would be utilized for poverty eradication.
He said that the ministry of privatization had auctioned 22 properties on directives of the federal government and the amount raised through auctioning was deposited in the account of the State Bank.
He said that according to the federal government’s decision, the ministry of privatization was auctioning unused properties of government departments in small and big cities including Islamabad, Lahore, Faisalabad, Gujranwala, Multan, Vehari and Rahim Yar Khan.
He said that 41 kanal and 12 marla property worth Rs5.2 billion on Mall Road Lahore was also being auctioned.
The successful bidder, Hashim Swati Managing Director Swat Tourism Company said that property would be used for promotion of tourism by building international standard hotel on it.
