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Privatisation Commission is all set to hold a pre-bid for sale of the
assets of Karachi Hotel Project formerly allotted to Hyatt Regency Hotel
Project on 'as is where is' basis on September 3, 2003 at Karachi. The meeting
will be participated by the parties who have submitted EOIs. They will be
informed about the base price of the transaction. The pre-bid meeting will
also facilitate the prospective investors for better understanding of the
transaction and the bidding process. PC Chairman, who is custodian for this
transaction has received 18 Expression of Interest from potential investors
The last date for submission of Application form, Power of Attorney, Earnest
Money and sealed bids is fixed as September 10, 2003. The bidding shall take
place as per details given in the bid documents.
The project is available on a 99-year lease from the date of signing a
restricted commercial use leasehold agreement, between the successful buyer
and Pakistan Railways at a lease-rent of Rs. 556,745/= per annum for the first
ten years.
The project is constructed on land measuring over 10,000 square yards. It is
located at the inter-section of Maulvi Tamizuddin Khan Road and Dr. Ziauddin
Ahmed Road. It is a prime business location of Karachi and directly faces
Sheraton Hotel, Pearl Continental Hotel and the PIDC House.
The parties who have submitted EOI include Al-Raee Group of Companies, United
Bank Limited, Aqeel Karim Dhedhi Securities, National Transport Company, Star
Cotton Corp (Pvt) Ltd, Jahangir Siddiqui & Co, Siddiqsons Group, Ghani Usman
and Group, Khawaja Amir Ishaq, First Capital Securities Corporation Limited,
M/s Hashwani Hotels, Kuwait Hotels, Mr. Solaiman Hoqani, M/s Al-Meezan
Investment Bank, Karachi Properties Investment (Pvt) Limited, Pakistan
Petroleum Limited, The House of Indonesia (FZC) and M/s Export International.