Services International Hotel’s privatization transaction completes. In a small ceremony held today in the Ministry of Privatization, the buyer handed over the cheque bearing the remaining amount of Services International Hotel, Federal Minister Mohammedmian Soomro was present at the occasion.
In June 2021, Cabinet Committee on Privatization (CCOP) and Federal Cabinet approved privatization of Services International Hotel (SIH) by way of sale through an Open Auction. The auction took place on August 26, 2021, M/s. Faisal Town Pvt. Ltd. submitted the highest bid amounting to 1951.7mn. (Rs.1,951,718,500/-) The Earnest Money of Rs 100 Million was deposited with the bid validity of 90 days.
CCoP approved the said Bid on Sep 10, 2021, which was duly ratified by Federal Cabinet on October 26, 2021. After signing the Letter of Acceptance (LoA) on Nov 02,2021, the buyer paid 30% of Sale amount i.e. 586mn (Rs 585,515,550/-) on Nov 15, 2021 and remaining amount of 1266mn (Rs 1,266,202,950/-) to Privatization Commission on January 06, 2022.
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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 Privatization Commission in 2022
