The Cabinet Committee on State-Owned Enterprises on Wednesday approved a proposal submitted by the Ministry of Railways to categorize Pakistan Railways as an essential asset of the state.
The Railways Ministry had sought the categorization under the State-Owned Enterprises Act and Policy, 2023. It noted the Railway Board, comprising key secretaries, had classified Pakistan Railways as strategic and essential.
Chaired by Finance Minister Muhammad Aurangzeb, the meeting considered several summaries. It approved a proposal of the Finance Division to execute a share purchase agreement between it and the National Security Printing Company (NSPC) for Rs. 41,774 million. It similarly allowed the Finance Division to purchase the State Bank of Pakistan’s 4,015,599,174 equity shares in the Zarai Taraqiati Bank Limited (ZTBL) for Rs. 8,472.914 million and to acquire the central bank’s preference shares in ZTBL at a fixed value of Rs. 54,461.536 million.
It 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.
It also considered a summary submitted by the Power Division regarding reconstitution of the 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 informed 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 Prime Minister Shehbaz Sharif, the committee approved the nominations for Independent Directors, Ex-Officio Directors, and CEOs/Executive Directors.
Further, the committee deliberated on a summary submitted by the Ministry of Industries and Production regarding the “Board of Directors—National Productivity Organization” seeking the appointment of four ex-officio members and five private sector members finalized by the Board Nomination Committee after due vetting by the concerned reporting agencies. The committee approved the proposed appointments.
Additionally, the committee considered a summary from the Ministry of Industries and Production regarding the reconstitution of Board of Governors for the Pakistan Institute of Management, Karachi. The Prime Minister’s Office had approved the nomination of three ex-officio members and two independent members, which the committee approved.
The committee also approved a summary from the Ministry of Overseas Pakistanis and Human Resource Development for the appointment of three additional independent members to complete the 11-member Board.
During the meeting, the chair reaffirmed the government’s commitment to ensuring transparency, accountability, and operational efficiency in the governance of state-owned enterprises.