The government has incorporated a holding company namely, Sarmaya-e-Pakistan Limited, for taking decisions about revamping or privatisation of the loss-making state-owned enterprises (SOEs). Finance Minister Asad Umar Friday tweeted, "Sarmaya-e-Pakistan, the holding company for state-owned enterprises, (has been) incorporated.
Turning around the state owned enterprises and eliminating their losses, which are eating up resources which should be used for development and welfare, is vital for economic turnaround of Pakistan," the tweet added.
Sources said that the Secretary Finance Arif Ahmed Khan has been made chief executive officer/ director of the company while Secretary Industries Azhar Ali Chaudhary and Secretary Cabinet Fazal Abbas would be directors of the Sarmaya-e-Pakistan Holding Company.
Sources added that the board of directors (BoD) of the holding company is yet to be notified. The company has been incorporated on February 13, 2019. The company has been registered at Companies Registration Office (CRO) Islamabad.
The computer generated unique identification (CUIN) number of the company given by the SECP is 0129958.
An official said that the board members would be hired from the private sector and all decisions regarding the revamping of loss-making institutions or their privatisation will be done through these members, who will only be answerable to the Prime Minister. The envisaged plan, according to sources is the only way with regard to PSEs, sources added.
Under the government''s finalised privatisation plan, the entities to be privatised included;(i) SME Bank Ltd; (ii) First Women Bank Ltd;(iii) Jinnah Convention Centre, Islamabad;(iv) Lakhra Coal Development Company and Services International Hotel, Lahore.
Additionally, privatisation of 1,233 MW Balloki Power Plant and the 1,230 MW Haveli Bahadur Power Plant are in the early privatisation list. However, PIA and PSM have been excluded from the privatisation list.