ISLAMABAD, May 28: The Privatization Commission has finalized all arrangements to hold bidding for the sale of Faletti's Hotel here on Saturday.

According to a handout issued here on Friday, Privatization and Investment Minister Dr Abdul Hafeez Shaikh would chair the event, while the authorized representatives of those bidders who have deposited the earnest money, would participate in the bidding in the presence of print and electronic media representatives.

The eligible bidders will submit their sealed bids during the first round. After the opening of the bids, the second round will commence for a competition among the three highest bidders.

Seven prospective bidders deposited earnest money of Rs30 million each within the stipulated period with the Privatization Commission for becoming eligible to participate in the bidding for the purchase of Faletti's Hotel, Lahore, on 'as is where is' basis.

The parties, who have deposited earnest money, include: A.A. Enterprises, Karachi; 4B Marketing, Elite Home Fashions, Hashwani Hotels Limited, Islamabad; Pace Pakistani Limited, Lahore; Tourism Promotion Services (Pakistan) Limited, Karachi; and Unique Trading Company (Importers and Ship Breakers), Karachi. The Privatization Commission had received 43 expressions of interest for the transaction.

This prime property has approximately total area of 68 kanals 11 marla 11 sq ft. It has 44 large residential rooms, banquet hall, restaurant and facilities like tourist office, post office and travel and tour operating agencies.