ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) on Friday approved the privatisation of Services International Hotel, Lahore.
The meeting of CCOP was held under the chair of Federal Minister for Finance and Revenue Shaukat Tarin.
The CCoP approved the summary tabled by the Privatisation Commission Board, recommending the highest bid of about Rs1.96 billion received after auction proceedings for privatization of Services International Hotel, Lahore.
Moreover, the Secretary Privatization Commission Board updated the participants about the actions being taken to privatize or restructure entities with respective timelines.
In his remarks, the finance minister directed to accelerate the whole process with due diligence to bring efficiency into the public sector.
He further stated that the Government is firmly committed to the reform agenda focusing on improving the functions of the State-owned Enterprises to make them profitable and sustainable.
Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Privatisation Muhammad Mian Soomro, Federal Secretaries, SECP Chairman and other senior officers participated in the meeting. Adviser on Commerce Abdul Razak Dawood joined the meeting through a video link.