ISLAMABAD    -   The federal government on Wednesday has generated Rs179.35 million by selling 13 more state owned-properties.

The second phase of the auction of federal government owned Properties was held in Lahore yesterday. The auction included 13 Government Properties located in different parts of Lahore. Against the reserve price of Rs175.005 million, Privatisation Commission was successful to auction all thirteen properties and able to generate Rs179.354 million for the national exchequer.

These include, WAPDA owned commercial property located at Nicolson Road Lahore, three shops located at M.M. Alam Road and nine apartments owned by ERRA located at Ferozpur Road, Lahore. The privatisation proceeds are primarily used for retirement of national debt and also for the poverty alleviation.

Earlier, on Monday, the federal government had sold its five properties in Islamabad at the cost of Rs156.45 million. The five government owned properties located in Islamabad including two penthouses at Islamabad Country Club, two apartments, one in Centaurus Mall F-8/4 and other located at PHA apartments in G-7/2. The maximum interest was seen in the land sold at Pir Sohawa with bidders substantially increasing their bid till the final call of the highest bidder.

The government has so far generated Rs335.8 million by selling 18 properties in Islamabad and Lahore in two phases. Overall, the Cabinet Committee on Privatisation (CCoP) had allowed open auction bidding for 27 land assets owned by federal government entities at total reserve price of Rs6.62 billion. Only one property is estimated at the value of over Rs5 billion by the financial advisers while the value of the rest of the 26 properties is Rs1.7 billion.

Federal Minister for Privatisation Muhammad Mian Soomro was the chief guest in Lahore on the second phase of government owned properties. According to the Privatization Commission, the 

Federal Minister has expressed that all privatisation transactions are being carried out in a most transparent manner as per the privatisation legal framework. There are various steps and different forums that approve the reserve prices and transaction structure after comprehensive due diligence. He expressed that comprehensive plan is underway for revival of economy and privatisation is one of its core components. He also apprised that privatisation is an important mode of non-tax revenue proceeds for the economy besides long term benefits. 

On the query on Roosevelt Hotel, Minister informed that it is not being privatised, rather a lease option is under consideration and stakeholders are in due consultation. He also expressed that there are various entities in Energy sector which are being privatised or their shares are being divested. Regarding the privatisation of DISCOs, he informed that two DISCOs are being considered for privatisation, for which final decision will be taken with necessary restructuring done prior to offering for privatisation.