ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) convened on Wednesday under the chairmanship of Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, to discuss significant changes in the management of several state-owned enterprises. Key officials, including federal ministers and the Governor of the State Bank of Pakistan, were in attendance.

The committee approved a proposal to merge the National Security Printing Company (NSPC) with the Pakistan Security Printing Corporation (PSPC). The transaction will proceed with the Finance Division executing a Share Purchase Agreement to acquire NSPC at a valuation of PKR 41,774 million.

Additionally, the committee sanctioned the acquisition of the State Bank of Pakistan’s shares in Zarai Taraqiati Bank Limited (ZTBL). This includes purchasing 4,015,599,174 equity shares for PKR 8,472.914 million and acquiring preference shares for PKR 54,461.536 million. The proceeds from the NSPC transaction will be adjusted against the ZTBL shares transaction, with any remaining amounts set against the SBP’s retained surplus profit.

In a move to align with the updated SOEs Act and Policy of 2023, the committee approved the reconstitution of the Boards of Directors for several power companies, including GENCOs Holding Company Limited and Jamshoro Power Generation Company Limited, among others. The nominations for directors and CEOs were based on recommendations from the Board Nomination Committee and received the Prime Minister’s approval.

Further appointments were confirmed for the National Productivity Organization’s Board of Directors and the reconstitution of the Board of Governors for the Pakistan Institute of Management, Karachi. The committee also approved new appointments to complete the Overseas Pakistanis’ Foundation Board.

The meeting concluded with the approval of a proposal to categorize Pakistan Railways as a strategic and essential entity under the SOE Act and Policy of 2023, emphasizing the importance of transparency and accountability in managing state-owned enterprises.