ISLAMABAD: The buyer handed over the cheque bearing the remaining amount of Services International Hotel in a small ceremony on Thursday. Federal Minister Mohammedmian Soomro was also present on the occasion. The Cabinet Committee on Privatisation (CCOP) and federal cabinet approved privatisation of Services International Hotel (SIH) by way of sale through an Open Auction in June 2021. The auction took place on August 26, 2021, M/s Faisal Town (Pvt) Ltd submitted the highest bid amounting to 1951.7 million. (Rs1,951,718,500). The earnest money of Rs100 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 (LoA) on November 02,2021, the buyer paid 30% of sale amount i.e. Rs 585,515,550 on November 15, 2021 and remaining amount of Rs1,266,202,950 to Privatisation Commission on January 06, 2022. The buyer has fully settled the amount well before the payment deadline. The transaction of SIH marks the successful execution of this strategic transaction by Privatisation Commission in 2022. TLTP
