The Cabinet Committee on Privatization Friday approved the summary of privatization of the Services International Hotel Lahore for Rs1.96 billion.

According to the 24News HD TV channel, the cabinet committee held a meeting that was headed by the Federal Minister for Finance Shaukat Tareen.

As per the declaration issued by the cabinet committee after the meeting, Rs1.96 billion have been received from the auction for privatization of the Hotel.

In the meeting, the Privatization Commission Board secretary briefed the committee on steps for privatization or restructuring of institutions.

Addressing the meeting, the finance minister directed to speed up privatization process and said privatization could improve performance in the public sector.

Minister for Planning Asad Umar, Minister for Privatization Mian Soomro, federal secretaries, the SECP chairman and others attended the meeting.

Reporter: Waqas Azeem