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Privatisation Commission held a pre-bid meeting for the sale of the assets
of Karachi Hotel Project formerly allotted to Hyatt Regency Hotel Project on
as is where is basis today at Karachi. The meeting was participated by 19 out
of 21 parties who had submitted EOIs. They were asked to submit Application
form, Power of Attorney, Earnest Money worth Rs. 25 million and sealed bids
latest by September 10, 2003, which will be opened in the Supreme Court of
Pakistan expected shortly thereafter.
The pre-bid meeting chaired by the Secretary Privatisation Commission Mr.
Ahmad Waqar also responded to certain clarifications sought by the prospective
investors for better understanding of the transaction and the bidding process.
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 21 parties who have submitted EOI include Al-Raee Group of Companies,
United Bank Limited, Aqeel Karim Dhedhi Securities, Ford Rodes Siddique Hyder,
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, NESPAK, Pakistan Petroleum Limited, The House of Indonesia (FZC),
M/s Export International and Dan Pak.