Auction price of cattle markets contracts increased by 30pc

LAHORE: The caretaker Punjab government has increased the reserve price for auction of contracts of nine divisional cattle markets in the province by 30 percent.

The govt has fixed the bid starting price as Rs3.70 billion for the coming fiscal year, for bidding to be held on during the first week of next month. Punjab Caretaker Local Government Minister Ibrahim Hassan Murad informed this to media men on Thursday.

Earlier, the minister chaired a meeting to review arrangements for auction of cattle markets. Chief Executive Officer of Punjab Cattle Market Management and Development Company Abdul Latif Khan, General Manager Business Planning and Internal Auditor besides other relevant officials participated in the meeting.

The meeting was told that the cattle markets will be auctioned as per schedule. The markets at Lahore, Multan and Faisalabad will be brought under hammer on May 5 while the cattle markets at Sargodha, Rawalpindi and Sahiwal will be auctioned on May 6 whereas the auction of cattle markets at Gujranwala, Bahawalpur and Dera Ghazi Khan will be held on May 8, 2023.

Ibrahim Murad directed for taking all out measures for holding the said auction in a fair and transparent manner. He asked for launching a special media campaign for widely publicizing the date, time, venue and bid starting price etc of the auction for ensuring participation of maximum number of bidders for generating healthy competition. He further directed for prominently publishing the advertisement about the terms and conditions for participating in the auction in widely circulated national newspapers immediately.