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Privatisation Commission will hold the bidding among the prospective
bidders for the sale of Faletti's Hotel, Lahore on 'as is where is' basis
during the third week of February 2004.
This was decided in the second round of the pre-bid conference held here today
under the chairmanship of Mr. Ahmad Waqar Secretary Privatisation Commission.
Sixteen parties who had submitted EOIs were invited to attend the conference
for better understanding of the transaction and the bidding process and to
respond to the queries of the prospective bidders regarding the sale. The
second round was participated by 12 parties while the first Round of pre-bid
conference was held at Islamabad on January 12, 2004, which was participated
by 14 parties.
The parties include Export International, Karachi, Popular Contracting,
Sialkot, Afzal & Co, Peshawar, Mohammad Khalid Randhawa, Islamabad, Associated
Builders (Pvt) Limited, (Hashoo Group), Karachi, Hashwani Hotels Ltd,
Islamabad, Shahid Gul & company, Karachi, Haji Saifullah & Group, Islamabad,
Bahria Town (Pvt) Limited, Rawalpindi, Tourism Promotion Services (Pakistan)
Limited, Karachi, TasHeel Group of Saudi Arabia, Hilton Millineum Group, USA,
AMZ Securtites (Pvt) Limited, Karachi, Emirates Global Investment Limited,
Sharjah, UAE, Al-Hamra Trading Co, Karachi and LYNX Trading SDN, BHD.
Briefing the prospective investors regarding the bidding process Mr. Ahmad
Waqar informed that in the first round sealed bids would be opened and the
first three top offers would be considered for final open bidding round
declaring the highest offer among them as the floor price to proceed further
for competitive bidding. All liabilities prior to handing over the hotel to
the successful bidder would be the responsibility of the government, he
added.
He said that the bidding result would be submitted before the Privatisation
Commission Board for its recommendations for approval of the Cabinet Committee
on Privatisation (CCOP).
Earlier, the General Manager Faletti's Hotel Mr. Iftikhar Hussain Satti gave a
detailed presentation to the investors and informed that the hotel was
constructed in 1880. This prime property was ideally located in the business
district, walking distance from commercial centers, the Mall, Railway and
airport offices, the landmark building of the Assembly chambers, the national
museum, botanical gardens, the zoo etc, he said.
He informed that approximately total area of the premises was 68 kanals 11
marla 11 sq. ft. It had 44 large residential rooms, banquet hall, restaurant
and facilities like tourist office, post office and travel and tour operating
agencies, he told.
The prospective bidders who had submitted EOI and participated in the pre-bid
conference visited he hotel. The Secretary M/O Minorities, Culture, Sports,
Tourism and Youth Affairs Mr. Khalid Latif, MD, PTDC Malik Muhammad Habib
Khan, representative of Lahore Development Authority and senior
officials of PC were present during the meeting who responded to various
questions of the bidders. Another meeting among the bidders will be held at
Islamabad one week prior to the bidding.