Inter-Ministerial Committee delists auction of three state properties

The Inter-Ministerial Committee (IMC) on Wednesday decided to delist the auction of three high priced lands located in Lahore, Multan and Rahimyar Khan from the government’s active list of privatisation.

The development came during a special meeting of the IMC on assets management on privatisation held to review the auction result of 26 state-owned properties. The meeting was chaired by the Federal Minister for Maritime Affairs Ali Haider Zaidi. Federal Minister Mohammedmian Soomro also attended the meeting.

The delisted properties include 120 kanals of land adjacent to Multan Industrial Estate owned by the Trading Corporation of Pakistan, 49 kanals of land in Rahimyar Khan owned by the Civil Aviation Authority (CAA) and Republic Motors located on Lahore’s Mall Road.

The properties, including residential, commercial and agricultural lands owned by various ministries, division and organisations would be auctioned by the Ministry of Industries and Production (MoIP).

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Out of the 26 properties, 23 were successfully auctioned on over and above the reserved price, earning Rs1.113 billion for the national exchequer.

Federal Ministers consented that the fate of remaining three properties would be decided by Cabinet Committee on Privatisation (CCOP) for delisting from active privatisation list owing to the various issues and complexities involved, hindering the execution of the subject task.

Moreover, the committee also consented to the proposal of bidders’ price final approval from the CCOP before handing over the properties to the successful candidates.

 

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