ABBOTTABAD    -   Director General, Privatization Commission of Pakistan Iftikhar Naqvi on Friday said that interested firms from China, Russia, Korea and Turkey were negotiating with the government to retrench Pakistan Steel Mills (PSM) and privatize process. 

He expressed these views while talking to APP after the successful auction of Wapda Guest house Kaghan here.

He disclosed that to reduce the cost of PSM for bidders, we have branched 20000 acres land of steel mills where only 1268 acres would be handed over to the successful bidder while the rest of the property would be given to holding companies. 

The DG privatization commission Iftikhar Naqvi said that the auction of 41-Kanal property at Hall Road Lahore where the Ministry of Industry set the reserve price Rs5.2 billion rupees would be held 28th September.

He said that we are committed to strengthening our economy according to the vision of the Prime Minister in the best interest of Pakistan and its people, privatization of governmental properties was a step towards prosperity. 

The DG said that after an interval of seven years, privatization commission has started the auction process and up till now, the government successfully auctioned 23 properties of the federal government in Sindh, Punjab, KPK and the capital Islamabad deposited 1.04 billion rupees to the national exchequers. 

Earlier, five members’ privatization committee successfully auctioned Wapda guest house with 6.8 Kanal area located at Lalazar Battakundi district Mansehra at a local hotel of Abbottabad with the cost of 72 million rupees.

In an open and transparent bidding process of Wapda guest house, representatives of six companies have participated, the auction was started with the opening amount of 21.7 million rupees and finalized with 72 million rupees. While talking to APP, successful bidder MD Sawat Tourism Company Hashim Swati said that we have participated in the auction process following the noble cause of sharing in the national economy.

 He further said that we would establish a world-class hotel at the scenic place of Battakunid which would provide job opportunities to dozens of people and would also be a unique place for tourists.