Committee delists auction of three state properties

The Inter-Ministerial Committee (IMC) at a specially-convened meeting decided to delist the auction of three high priced lands located in Lahore, Multan and Rahimyar Khan from the government's active list of privatisation.

The delisted properties include 120 kanals of land adjacent to Multan Industrial Estate owned by the Trading Corporation of Pakistan, 49 kanals of land in Rahimyar Khan owned by the Civil Aviation Authority and Republic Motors, located on Lahore's Mall Road, Lahore, which is a property of the Ministry of Industries and Production.

The meeting was held to review the auction of 26 state-owned properties across Pakistan. The process was carried out between started on Sept 7-28. The Ministry of Industries and Production (MoIP) was entrusted with the task of auctioning these properties, which included residential, commercial and agricultural lands owned by various ministries, division and organisations.

The auction of Wapda Rest House at Batakundi in Mansehra district, spreading over a land of 6 kanals and 8 marlas has also been postponed indefinitely.

Attending the IMC meeting, federal ministers agreed that the fate of remaining three properties would be decided by the Cabinet Committee on Privatisation (CCoP) for delisting from active privatisation list.

The committee also consented to the proposal of bidders' price final approval from the CCoP before handing over the properties to the successful candidates.

Additional Secretary MoIP also consented to delist the Republic Motors Private Limited property from active privatisation list. However, the ministry would continue its efforts to make this precious property free from all encumbrances, he added.

Out of the 26 properties, 23 were successfully auctioned on over and above the reserved price, earning Rs1.113 billion for national exchequer. Speaking on the occasion, Minister for Privitisation Mohammedmian Soomro said that this has been a good start.