Islamabad: A meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) led by Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, resulted in significant decisions regarding the reorganization and management of several state-owned enterprises in Pakistan.

Key participants included Federal Ministers Mian Riaz Hussain Pirzada and Junaid Anwar Chaudhry, the Governor of the State Bank of Pakistan, the Attorney General, and several federal secretaries. The committee reviewed a summary from the Finance Division concerning the merger of the National Security Printing Company with the Pakistan Security Printing Corporation, owned by the State Bank of Pakistan.

The committee approved a Share Purchase Agreement between the Finance Division and PSPC for acquiring NSPC at PKR 41,774 million. Additionally, it sanctioned the purchase of the State Bank’s equity and preference shares in Zarai Taraqiati Bank Limited for a total value exceeding PKR 62 billion. The proceeds from the NSPC transaction will be adjusted against the ZTBL shares acquisition.

The committee also evaluated a Power Division proposal to reconstitute the boards of several power generation companies. These entities were previously found non-compliant with the updated SOEs Act and Policy, 2023. The committee approved nominations for independent directors, ex-officio directors, and executive directors based on recommendations by the Board Nomination Committee and approval from the Prime Minister.

In another decision, the committee approved the appointment of new board members for the National Productivity Organization and the reconstitution of the Board of Governors of the Pakistan Institute of Management in Karachi. The Ministry of Overseas Pakistanis and Human Resource Development’s proposal for the reconstitution of the Overseas Pakistanis’ Foundation Board was also approved, adding three independent members to complete the 11-member board.

The Ministry of Railways’ submission to categorize Pakistan Railways as strategic and essential was sanctioned, reflecting its critical position under the SOE Act and Policy, 2023. The Railway Board had recommended this classification.

The Chair of the committee reiterated the government’s commitment to upholding transparency, accountability, and operational efficiency in managing state-owned enterprises.