ISLAMABAD: Almost a year after the federal cabinet’s decision to sell “unproductive properties”, the Cabinet Committee on Privatisation (CCoP) has allowed open auction bidding for 27 lands and assets owned by government entities.
The decision was taken at a CCoP meeting held with Adviser to Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh in the chair.
Earlier, the CCoP discussed the issue in detail and approved the recommendations of the Transaction Committee, Inter-Ministerial Committee and Privatisation Commission Board to start an open auction bidding procedure with a total reserve price of Rs6.62 billion for 27 properties belonging to different federal government divisions and entities.
The Privatisation Commission informed the CCoP meeting that the bidding process was likely to be completed by the end of April 2020.
According to sources, these properties were being sold to pay off the government’s ballooning debt.
Earlier in March 2019, the cabinet had decided to sell these properties after completion of the selection process by a committee. An Asset Management Cell at the Privatisation Commission was then set up to fast-track the process in this regard.
As per the cabinet’s decision, all ministries and divisions were directed to send a list of at least three properties, which were free of all encumbrances, to the Privatisation Commission.
The commission had written to the government departments to share the details of their vacant properties. As a result, it received the details of more than 40,000 properties, of which 27 undisputed properties were selected.
