The privatisation process for the Services International Hotel (SIH) in Lahore concluded successfully with the signing of the sale agreement. The agreement was finalized between the Punjab Cooperative Board for Liquidation (PCBL), Civic Company (Pvt) Limited (CCCL), Lahore Development Authority (LDA), the Privatisation Commission, and the buyer at the Privatisation Commission office in Islamabad.
According to reports, the signing ceremony was attended by Abdul Aleem Khan, Minister for Privatisation and Chairman of the Privatisation Commission, who witnessed the culmination of the long-pending transaction.
Faisal Town (Pvt) Limited emerged as the highest bidder during an open public auction for the Services International Hotel in August 2021. The Federal Cabinet subsequently approved the transaction on October 27, 2021.
The Minister for Privatisation expressed gratitude to all stakeholders, including the Punjab government, for their role in resolving outstanding issues that had previously delayed the process.
Khan underscored the importance of a collaborative, government-wide approach to successfully implement the privatisation programme and attract private sector investments. He reiterated that such partnerships are vital to achieving economic growth and efficiency in the public sector.
The conclusion of the Services International Hotel’s privatisation marks a significant step in advancing Pakistan’s privatisation efforts and strengthening the private sector’s role in the country’s economic development.
