Five properties worth Rs156 million auctioned in Islamabad

ISLAMABAD: The Ministry of Privatization has auctioned five properties worth of Rs.156.45 million owned by different ministries and divisions.

As a result of bidding against the reserve price of Rs140.525 million, the ministry of privatization was successfully able to raise Rs 156.45 million for the national exchequer.

In the first step, five government properties located in Islamabad were auctioned including two penthouses at Islamabad Country Club, Two apartments one in Centaurus Mall F-8/4 and other located at Pakistan Housing Authority (PHA) apartments in G-7/2.

The maximum interest was seen in the land sold at Pir Sohawa with bidders substantially increasing their bid till the final call of the highest bidder.

During the auction, the ministry ensured that a transparent process is followed and all eligible bidders were given a fair and equal chance to actively participate in the bid.

The bidding was conducted by the financial advisers and was dully monitored by the auction committee comprising of senior officials of the ministry.

The inaugural session for the auction of federal government properties held in Islamabad with Chief Guest, Federal Minister for Maritime Affairs, Ali Haider Zaidi.

Federal Minister for Privatization Mohammed Mian Soomro, Special Assistant to Prime Minister on Overseas Pakistanis and Human Resource Development, Zulfiqar Abbas Bukhari were also present at the inaugural session.

“This is a substantial step as we are privatizing 17 other entities simultaneously,” said Soomro, adding the transparency in the privatization is a prime focus as directed by Prime Minister Imran Khan.

“The money will be used for debt retirement and poverty alleviation,” he said, adding the work rendered by the Inter-Ministerial Committee must be appreciated.

SAPM Bukhari said that it was a great step of the government to auction the dead properties which were rather straining the state resources.

Ali Zaidi said they have achieved a milestone that will build a positive image and working for future.

He further said the government wants to sell properties in a most transparent manner and privatization is a fine step as it helps to inject capital, expertise and technology to loss-making entities and make them financially viable.

He said that after the privatization few financial institutions including banks performed better and achieved competitiveness.

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