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A meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) was held today at the Finance Division under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
Federal Minister for Housing and Works Mian Riaz Hussain Pirzada, Federal Minister for Maritime Affairs, Junaid Anwar Chaudhry, Governor State Bank of Pakistan, Attorney General of Pakistan, federal secretaries and key officials from relevant ministries and government departments were also present.
The Committee considered a summary from the Finance Division regarding “Re-merger of National Security Printing Company (NSPC) — State Owned Enterprise (SOE) with Pakistan Security Printing Corporation (PSPC) owned by the State Bank of Pakistan (SBP)” and “Acquisition of State Bank of Pakistan’s (SBP’s) shares in Zarai Taraqiati Bank Limited (ZTBL).”
The Committee approved the proposal to execute the Share Purchase Agreement between the Finance Division and PSPC for acquisition of NSPC at a value of PKR 41,774 million. It further allowed the Finance Division to purchase SBP’s 4,015,599,174 equity shares in ZTBL at PKR 8,472.914 million and to acquire SBP’s preference shares in ZTBL at a fixed value of PKR 54,461.536 million.
The Committee also approved the adjustment of NSPC transaction proceeds against the ZTBL shares transaction, with the remaining amount to be adjusted against SBP’s retained surplus profit.
The Committee also considered a summary submitted by the Power Division regarding Reconstitution of Board of Directors of GENCOs Holding Company Limited (GHCL), Jamshoro Power Generation Company Limited (JPCL), Central Power Generation Company Limited (CPGCL), Northern Power Generation Company Limited (NPGCL), Lakhra Power Generation Company Limited (LPGCL) and National Power Parks Management Company Limited (NPPMCL).
The Committee was apprised that the Boards of these entities were non-compliant with the updated SOEs Act and Policy, 2023. Based on the recommendations of the Board Nomination Committee and approval of the Prime Minister, the Committee approved the nominations for Independent Directors, Ex-Officio Directors, and CEOs/Executive Directors.
The Committee also deliberated on a summary submitted by the Ministry of Industries and Production regarding the “Board of Directors – National Productivity Organization (NPO).” The proposal for appointment of four ex-officio members and five private sector members was finalized by the Board Nomination Committee after due vetting by the concerned reporting agencies. The Committee approved the proposed appointments.
The Committee further considered a summary from the Ministry of Industries and Production regarding the “Re-constitution of Board of Governors of Pakistan Institute of Management (PIM), Karachi.” The Prime Minister’s Office had approved the nomination of three ex-officio members and two independent members. The Committee approved the proposed reconstitution.
The Committee took up a summary from the Ministry of Overseas Pakistanis and Human Resource Development regarding the “Reconstitution of the Board of Governors of Overseas Pakistanis’ Foundation (OPF).” In accordance with Clause 24 of the SOEs Policy 2023, the Committee approved the appointment of three additional independent members to complete the 11-member Board.
The Committee considered a summary submitted by the Ministry of Railways titled “Categorization of Pakistan Railways as Strategic & Essential under the SOE(s) Act & Policy, 2023.” The Railway Board, comprising key secretaries, had classified Pakistan Railways as strategic and essential. The Committee approved the proposal accordingly.
The Chair reaffirmed the Government’s commitment to ensuring transparency, accountability, and operational efficiency in the governance of state-owned enterprises.
