PC Board Approves Bidders Price For Auctioned Properties

(@FahadShabbir)

PC Board approves  bidders price for auctioned  properties

The Privatization Commission (PC) Board on Wednesday unanimously approved the bidders' price for the auctioned properties during last month

ISLAMABAD, (UrduPoint / Pakistan Point News - 21st Oct, 2020 ) :The Privatization Commission (PC) Board on Wednesday unanimously approved the bidders' price for the auctioned properties during last month.

The Board met here with Federal Minister for Privatization Mohammedmian Soomro in chair and discussed auction results of federal government owned properties, said a press release.

The federal government owned 26 properties were specified for the open public auction and the process started on September 7th and culminated on September 28.

The Privatization board members and senior officials of the Ministry attended the meeting.

Out of 26 properties, 23 were successfully auctioned with Rs1.113 billion, auction proceeds against the Rs1.011billion reserved price.

Moreover for the matter regarding the future status of three unsold properties including Republic Motors Lahore, Commerce Division's land in Multan and land in RahimYar Khan owned by Aviation Division would be placed before the Cabinet Committee on Privatisation for delisting or otherwise.

It is pertinent to mention that the in recent IMC meeting the representative of the Ministry of Industries and Production proposed that the RML be delisted owing to the litigation involved as the 35% of the property is owned by private owners and eviction of 51tenants would require a considerable length of time.

It is therefore suggested by the PC Board members that the decision relating to its status be decided by the Cabinet Committee On Privatisation.