IMC REVIEWED AUCTION OF GOVERNMENT OWNED PROPERTIES

A special meeting of Inter-Ministerial Committee (IMC) on assets management on privatization held today in Islamabad. The meeting was chaired by the Federal Minister for Maritime Affairs Ali Haider Zaidi. The Federal Minister/Chairman Privatization Mohammedmian Soomro was also attended the meeting. The said meeting was held to review the auction result of 26 state owned properties.

In the meeting, representatives from the Ministry of Industries and Production, Ministry of Commerce, ERRA and FBR were also present.


The meeting was held to review the auction of Federal Government properties across Pakistan, the process that started on September 7th and ended on 28th of the same month. Ministry of Privatisation was entrusted with the task of auctioning these properties, which included residential, commercial and agricultural lands owned by various Ministries/ Division and organizations. For the purpose PM had constituted an inter-Ministerial Committee whose convener is Mr. Ali Haider Zaidi, the other members are SAPM on Overseas Pakistan and HRD Mr. Zulfikar Bukhari and Minister for Kashmir Affair and Gilgit Baltistan Mr. Ali Amin Gandapur, Federal Minister for Communication Mr. Murad Saeed and Minister for Industries and Production Mr. Hammad Azhar.


The IMC appreciated the PC team efforts to execute the privatisation of properties through open auction and in a transparent manner pursuant to law. Twenty three properties out of 26 were successfully auctioned on over and above the reserved price, earning PKR 1.113 billion for national exchequer. 


Federal Ministers consented that the fate of remaining three properties would be decided  by Cabinet Committee on Privatisation (CCOP) for delisting from active privatisation list owing to the various issues and complexities involved, hindering the execution of subject task. Moreover, the committee also consented to the proposal of bidders’ price final approval from the CCOP before handing over the properties to the successful candidates. The Additional Secretary from the Ministry of Industries & Production also consented to delist the Republic Motors Private Limited (RML) property from active privatisation list; however MOIP would continue its efforts to make this precious property free from all encumbrances.


Federal Minister Mohammedmian Soomro said that this has been a good start; we are focused on major privatisation goals with maximum output in efficiency with induction of experts and capital.


Federal Minister Ali Zaidi said that the work ended on positive note and the next stage would be to seek the approval from the CCOP.