Lahore's Services International Hotel goes under the hammer

ISLAMABAD: The Ministry of Privatisation on Thursday auctioned Lahore’s Services International Hotel (SIH) at the highest bid of Rs 1.95 billion.

Federal Minister for Privatisation Muhammad Mian Soomro presided over the auction process at a local hotel.

Speaking on the occasion, Soomro said that on the direction of Prime Minister Imran Khan the auction process of state owned properties was being carried out in a transparent manner in the country.

He said the government had a plan to privatise all public sector departments which were running in loss, adding that under the plan, Pakistan Steel Mill, Mari Petroleum, Jinnah Convention Centre Islamabad, SME Bank, First Women Bank, PPL, Guddu Power Plant, Heavy Electrical Complex ( HEC), and other Power companies were being privatised.

The federal minister said the main purpose of auction was to reduce the burden of debt retirement on the country. He added the government had to face some financial problems due to COVID-19 but the government was now on road to progress and the exports of the country were increasing.