NICL, SLICL, PRCL no longer strategic SOEs?
- Cabinet Committee decides companies did not meet criteria of strategic or essential SOEs
ISLAMABAD: A meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) has decided not to categorise National Insurance Company Limited (NICL), State Life Insurance Company Limited (SLICL) and Pakistan Re-Insurance Company Limited (PRCL) as strategic or essential SOEs.
The meeting presided over by Finance Minister Muhammad Aurangzeb considered the summaries presented by different ministries/divisions for the categorisation of their relevant SOEs as strategic/essential or otherwise.
The Cabinet Committee after a detailed discussion decided that NICL, SLICL and PRCL did not meet the criteria of strategic or essential SOEs and would not be categorised as essential for the public sector. The Ministry of Commerce was further directed to explore the Public Private Partnership model for the Pak Expo Company.
Categorisation of commercial SOEs: PM irked by delay in submission of summaries
The committee considered the summary presented by the Ministry of Science and Technology and approved to rename and restructure STEDEC into Indigenous Research and Development Agency (Pvt) Limited (IRADA).
The ministry was further directed to constitute its board and operationalise the entity by December 2024.
The CCoSOEs approved the proposals of Aviation Division and Ministry of Communications for the appointment of candidates as independent directors on the boards of PIA Holding Company Board, Pakistan Postal Services Management Board (PPSMB) and Postal Life Insurance Company Limited (PLICL).
The committee directed the Ministry of Communications to present proposals for categorisation of these entities at the earliest.
The meeting was attended by Minister for Housing and Works Mian Riaz Hussain Pirzada, Minister for Maritime Affairs Qaiser Ahmed Sheikh, Minister for Commerce Jam Kamal Khan, Minister for Law and Justice Azam Nazeer Tarar, Minister for Economic Affairs Ahad Khan Cheema, Deputy Chairman Planning Commission, Governor State Bank of Pakistan (SBP), Chairman Securities Exchange Commission of Pakistan (SECP), federal secretaries and other senior officers of the relevant ministries.
Copyright Business Recorder, 2024
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