ISLAMABAD (PEN) : The long-awaited privatization of Services International Hotel (SIH) in Lahore has officially been completed with the signing of the sale agreement, marking a significant milestone in Pakistan’s privatization efforts. The agreement was finalized at the Privatisation Commission office in Islamabad, with key stakeholders—including the Punjab Cooperative Board for Liquidation (PCBL), Civic Company (Pvt) Limited (CCCL), Lahore Development Authority (LDA), the Privatisation Commission, and the buyer—coming together to seal the deal.
The signing ceremony was attended by Abdul Aleem Khan, the Minister for Privatisation and Chairman of the Privatisation Commission, who expressed his satisfaction at the successful conclusion of this long-pending transaction.
Faisal Town (Pvt) Limited emerged as the highest bidder during the public auction for the hotel in August 2021, and the Federal Cabinet gave its approval for the deal on October 27, 2021. This final step follows years of negotiations and efforts to resolve various outstanding issues that had delayed the process.
Minister Abdul Aleem Khan acknowledged the crucial role played by all involved, particularly the Punjab government, in overcoming the challenges that had held up the privatization. He emphasized the importance of a united, collaborative approach across various government bodies to ensure the success of the privatization program and to attract much-needed private sector investment.
Khan also reiterated that partnerships between the public and private sectors are key to driving economic growth and improving efficiency within the public sector. The successful sale of the Services International Hotel is not only a major achievement for the privatization initiative but also a significant step in strengthening the role of the private sector in Pakistan’s broader economic development.
