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The Privatisation Commission received the highest offer of Rs. 850 million
for the sale of land of "Services International Hotel (SIH)" on
Shahrah-e-Quaid-e-Azam, Lahore in the open bidding round held here today under
the chairmanship of Mr. Zahid Hamid Federal Minister for Privatisation &
Investment and the representatives of the print and electronic media.
Three parties 1. M/s Hashwani Hotels Ltd, 2. M/s S.A Builders and 3. M/s
Tri-Star Group became eligible to participate in the bidding after depositing
the earnest money of Rupees one hundred million each by due date. Mr. Javaid
Ali Khan Secretary Privatisation Commission briefed the parties about the
bidding process prior to the bidding.
During the first round of the bidding the authorised representatives of the
eligible parties dropped their sealed bids in the bid box, which were later
opened and read out by the representatives of the print and electronic media.
According to the first round results M/s S.A Builders offered Rs. 655 million
while M/s Hashwani Hotels Ltd remained second with bid of Rs. 450 million and
M/s Tri-Star Group were the lowest with an offer of Rs. 400 million. In the
second open bidding round the bidders were invited to raise the bid starting
from Rs. 655 million. M/s Tri-Star Group remained highest in the final round
with an offer of Rs. 850 million while M/s Hashwani Hotels Ltd and M/s S.A
Builders respectively offered Rs. 845 million and Rs. 800 million. The
representatives of the respective departments were also present during the
bidding.
Finally the bidders were asked to match the minimum acceptable price of
Rs.1.53 billion but no party turned up to avail this opportunity. While
talking to the media representatives Mr. Zahid Hamid Federal Minister for
Privatisation & Investment said that the bidding results would be considered
in the upcoming Privatisation Commission Board meeting to form recommendations
for a decision to accept or reject by the Cabinet Committee on Privatisation (CCOP).
The PC had invited Expression of Interest (EOIs) in March 2006 and received
nine (9) Expression of Interest (EOIs) from parties/ Groups to own and run a
five star hotel on prime land on Shahrah-e-Quaid-e-Azam, Lahore, which is
presently titled as "Services International Hotel (SIH)" with an approximate
area of fifteen (15) Kanals and four (4) Marlas.
The parties submitting EOIs include 1. Associated Group, Lahore, 2. Bahria
Town (Pvt) Ltd, Rawalpindi, 3. Hashwani Hotels Ltd, 4. Marwat Enterprises (Pvt)
Ltd, Lahore 5. Regent Plaza, Karachi, 6. SA Builders, Lahore, 7.Tri Star
Group, Islamabad, 8. Noor Financial Investment Company, Kuwait and 9.
Consortium of Sapphire Textile Mills Limited, Lahore. A pre-bid meeting was
held in October this year to create better understanding of the process and to
respond to the queries of the interested parties.
The available clear title of the land is in the name of Punjab Cooperatives
Board for Liquidation (PCBL) to operate a hotel. The bidders for the land
shall undertake to commence construction and operate a high-rise state of the
art five star hotel in an agreed time frame.