Int’l Hotel Services transaction completed, the buyer pays the full amount
A small ceremony was held yesterday at the Ministry of Privatization, where the buyer handed over the check for the remaining amount from Services International Hotel. Federal Minister of Privatization Mohammedmian Soomro was also present on the occasion, said a statement.
In June 2021, the Cabinet Committee on Privatization (CCoP) and the Federal Cabinet approved the privatization of Services International Hotel through an open auction that took place on August 26, 2021.
M / s Faisal Town Private Limited submitted the highest bid amounting to Rs 1,951,718,500. The deposit of Rs 100 million was deposited with the offer valid for 90 days. The CCoP approved the said offer on September 10, 2021, which was duly ratified by the Federal Cabinet on October 26, 2021.
After signing the letter of acceptance on November 2, 2021, the buyer paid 30% of the sale amount including Rs. 585,515,550 on November 15, 2021 and the remaining amount of Rs 1,266,202,950 to the Privatization Commission January 6, 2022.
The buyer has paid the amount in full well in advance of the payment deadline. The hotel transaction marks the successful execution of this strategic transaction by the Privatization Commission in 2022.