The Ministry of Privatisation will auction the Services International Hotel (SIH) on 26 August.
The property is located on Mall Road, Lahore, and investors may exercise a mix-use option while developing the property.
The current value of Rs. 1,949,718,500 (1.949 billion) has been fixed and approved by the federal Cabinet.
The privatization program is an integral part of the governance reforms agenda and will enable these state-owned enterprises (SOEs) to be gradually weaned off dependence on the government. It will also enable the government to spend more on the social sector, thereby providing the masses better facilities of life.
The Minister for Privatization said that the transaction of the SIH is expected to be completed in the best possible manner while ensuring transparency and openness.
Source: Pro Pakistani