Arsalan
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In an absolute pathetic and retard move by Pakistan Government, it is bening reported that the government may put up Jinnah Convention Center up for sale.
Do not know what the hell these retards are smoking!! Absolutely disgusted on this corrupt PMLN government. If this deal goes through, even if this is true that they have even though about it then it is utterly shameful.
DO NOT GO WITH THE TITLE,READ THE FULL ARTICLE
Do not know what the hell these retards are smoking!! Absolutely disgusted on this corrupt PMLN government. If this deal goes through, even if this is true that they have even though about it then it is utterly shameful.
DO NOT GO WITH THE TITLE,READ THE FULL ARTICLE
Govt may hold back plans to sell Jinnah Convention Centre
Published in Dawn, November 10th, 2014
ISLAMABAD: The government has decided to put the spacious Jinnah Convention Center up for sale as part of its ambitious privatization policy.
Perched at one end of Constitution Avenue, the ideally located venue, also known as the National Convention Center, is one of eight privatization transactions the government intends to complete during the current financial year 2014-15, in hopes of generating revenue to the tune of at least Rs260 billion, official documents available with Dawn indicate.
If the Jinnah Convention Center – which is used for exhibitions and summits by both the public and private sectors – is successfully divested, it is expected to fetch the government anywhere between Rs10 billion to Rs15 billion. According to the document available with Dawn, the convention center is the only government property which will have 100 per cent of its shares transferred to potential buyers upon acquisition.
A senior official of the Capital Development Authority (CDA), which manages the center, said that soon after its inauguration in 1997, the Pakistan Muslim League-Nawaz government at the time had demonstrated an intent to sell this prime piece of real estate. Prime Minister Nawaz Sharif used the centre in 1997 – during his second stint as prime minister – to host that year’s Organization of Islamic Conference (OIC) summit.
“We at the CDA don’t know how far the government has gone as far as the sale of the Jinnah Convention Centre is concerned. But one thing is for sure: sooner or later, the center will be offered up for sale,” the official said.
Considering the strong reaction that the government saw – from opposition parties as well as the judiciary – over its plans to privatize the Oil & Gas Development Company (OGDCL), it is possible that the government may delay the proposed sale, at least for now, the official said. Over the last couple of weeks, opposition parties have been protesting against the government’s decision to sell OGDCL shares and many believe that the eventual decision to postpone its privatization was political pressure, both inside and outside parliament.
During Saturday’s meeting of the Cabinet Committee on Privatization (CCOP), Finance Minister Ishaq Dar said via video link from Dubai that there was no need to go ahead with the deal in an unfavorable atmosphere. The government had estimated that it would earn at least Rs79 billion from the divestment of OGDCL.
According to documents available with Dawn, the government had also planned to offload other holdings in the year 2014-15: Allied Bank Limited shares worth Rs14 billion, Habib Bank Limited shares worth Rs118.8 billion, the National Power Construction Corporation (NPCC) worth approximately Rs1.9 billion, the Northern Power Generation Company (NPGC) worth at least Rs15 billion, the Faisalabad Electric Supply Corporation (Fesco) worth nearly Rs20 billion, and the Heavy Electrical Complex worth nearly Rs1.4 billion.
Govt may hold back plans to sell Jinnah Convention Centre - Pakistan - DAWN.COM
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