Current value assessed at Rs 1.951 billion: SIH’s previous valuation of Rs 2 billion was reasonable, says CCoP

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ISLAMABAD: The Ministry of Privatization has informed the Cabinet Committee on Privatization (CCoP) that the new value of Services International Hotel (SIH) has been assessed at Rs 1.951 billion; therefore, the previous assessment was reasonable.

Sources said this was in the report of the sub-committee constituted on the privatization of the SIH, which was submitted by the Privatization Commission to the CCoP meeting chaired by Finance Minister Miftah Ismail.

The CCoP, after discussion, directed the Privatization Commission (PC) to submit the summary through the Ministry of Law and Justice.

An official on condition of anonymity said the previous valuation was around 2 billion rupees.

The SIH sale transaction authorized by a panel led by the Minister

The Ministry of Privatization informed the CCoP that on June 8, 2022, the Prime Minister, during a presentation on the privatization transactions, ordered the PC to present the details of the SIH transaction to the CCoP for review.

Therefore, the matter was submitted to the CCoP meeting of June 24, 2022 which constituted a sub-committee under the chairmanship of the Minister of Privatization and representatives of the finance division, the law division and the Justice and the Privatization Commission as members to examine the SIH transaction.

Copyright Business Recorder, 2022

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