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A representative of M/s 4 B Marketing who gave the highest offer of
Rs.1211. 1 million for Faletti's Hotel, Lahore on as is where is basis,
deposited the money with the Privatisation Commission. A sale agreement to
this effect will be signed shortly. The senior officials of the Privatisation
Commission and PTDC were also present on this occasion.
Prior to hading over the draft the rep; met the Federal Minister for
Privatisation and Investment Dr. Abdul Hafeez Shaikh who appreciated the
interest shown by the investor in the transaction and said that we were
endeavoring to bring into life the dead assets of the country. He hoped that
the new buyer would build a quality hotel, which would generate tourism
activity in the historical city of Lahore. The buyer appreciated the
transparent privatisation process of the Hotel and communicated that the
company was determined to build a quality Hotel during the next three years.
The Privatisation Commission received the highest offer of Rs.1211. 1 million
during two-phase round of bidding for the sale of Faletti's Hotel on May 29,
2004, which was held under the supervision of Dr. Abdul Hafeez Shaikh, Federal
Minister for Privatisation & Investment. The authorized representatives of
those bidders who had deposited the earnest money participated in the bidding
in the presence of the representatives of print and electronic media.
The representatives of the media opened the sealed bids in the first phase of
the bidding round. M/s 4 B Marketing gave the highest offer of Rs.1211. 1
million while the other bids were: M/s Elite Home Fashions (pvt) Limited
Rs.860 million, M/s Tourism Promotion Services (Pakistan) Limited Rs.612
million, M/s Hashwani Hotels Limited Rs.540 million, M/s Unique Trading
Company Rs.510 million, M/s A.A. Enterprises Rs.410 million and Pace Pakistan
Limited Rs.400 million.
The second phase of the bidding round invited the three highest bidders to
increase the highest offer with a minimum increment of Rs.5 million or it's
multiple thereof. Both the runner up parties announced to withdraw from the
competition, which enabled M/s 4 B Marketing to be declared as the highest
bidder.
Later, the Board of Privatisation Commission in its meeting recommended the
highest offer received from M/s 4 B Marketing for approval of the Cabinet
Committee on Privatisation (CCOP). After approval from CCOP the bidder was
declared as successful and a Letter of Intent (LOI) was issued to the
successful bidder for the sale of Faletti's Hotel.
Faletti's Hotel, Lahore was offered for sale on 'as is where is' basis to
those parties who are interested in establishing/ maintaining it a quality
hotel of international repute within reasonable timeframe while ensuring that
the new design of the Hotel will be in harmony with the existing architecture
and preservation of its historic identity.
PC received 43 Expression of Interests from the interested parties in response
to the invitation to the investors for this transaction while seven bidders
deposited Earnest Money of Rs.30 million each within the stipulated period
with the Privatisation Commission for becoming eligible to participate in the
bidding process.