Islamabad: The Privatisation Commission is all set to conclude the privatization process of state-owned properties with an auction of land spanning over 41+ kanals in Lahore; scheduled to take place today, according to news sources.
The said chunk land is currently in possession of the Republic Motors – which is a ‘wholly-owned subsidiary’ of the Pakistan Industrial Development Corporation (PIDC).
It is located on the highly-coveted Mall Road. The auction price has been fixed at over PKR 5 billion; however, the Privatisation Commission expects a higher price based on the prominent location of the land.
According to reports, the government had identified 26 properties for the auction and sold over 23 unutilised properties that generated an accumulated worth of PKR 1 billion. The privatisation of remaining two properties have been postponed owing to the ‘unfavourable market conditions’, and are expected to be sold off at a later stage.
Moreover, it was reported that the commission will submit a detailed report of the auction to the Cabinet Committee on Privatisation for clearance and later submit to the federal cabinet for approval. The proceeds from the auction will be divided between the debt payment and poverty alleviation on a 90-10% basis.