ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) on Friday approved the highest bid of Rs1.96 billion received for the privatisation of the Services International Hotel, Lahore.

Federal Minister for Finance and Revenue Shaukat Tarin, presided over the meeting. The committee approved the summary, tabled by the Privatisation Commission Board, recommending the highest bid of around Rs1.96 billion received after the auction proceedings for the privatisation of the Services International Hotel.

Moreover, the Privatisation Commission Board secretary briefed the participants about the actions being taken to privatise or restructure entities with their respective timelines.

Finance Minister Tarin directed to accelerate the entire process with due diligence to bring efficiency into the public sector.

He also said the government is firmly committed to the reforms agenda focusing on improving the functions of the State-owned Enterprises to make them profitable and sustainable.

Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Privatisation Mohammedmian Soomro, federal secretaries, Securities and Exchange Commission of Pakistan chairman and other senior officials participated in the meeting.

Adviser on Commerce Abdul Razak Dawood joined the meeting through a video-link.