CCoSOEs directs Cabinet Division to initiate process for winding up of PTDC by clearing the ongoing litigations etc

ISLAMABAD, June 20 (SABAH): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb presided over a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) at Finance Division on Thursday.

The meeting was attended by Minister for Housing & Works Mian Riaz Hussain Pirzada, Minister for Maritime Affairs Qaiser Ahmed Sheikh, Minister of Federal Education and Professional Training of Pakistan Dr. Khalid Maqbool Siddiqui, Federal Secretaries and other senior officers of the relevant ministries. The Committee considered the summaries presented by different Ministries/Divisions for the categorization of their relevant State-Owned Enterprises (SOEs) as strategic/essential or otherwise. Cabinet Division presented summaries related to Pakistan Tourism Development Corporation (PTDC) and Printing Corporation of Pakistan (PCP). The Cabinet Committee directed Cabinet Division to initiate the process for winding up of PTDC by clearing the ongoing litigations etc. The Committee also directed that PCP’s Board be reconstituted in line with SOE Law & Policy & and business viability plan presented to the Committee, before a final decision is taken on the future of the entity. The CCoSOEs also considered the summaries of the Ministry of Housing & Works relating to PEPAC & National Construction Limited (NCL). The committee approved the proposal for winding up of PEPAC. It also directed the authorities to complete the ongoing projects of the NCL and prepare the plan for winding up its operations. The committee further approved the proposals presented by the Ministry of Maritime Affairs regarding categorisation of the Port Authorities i.e. Port Qasim Authority (PQA), Karachi Port Trust (KPT), and Gawadar Port Authority (GPA) as Essential.

The Committee was informed that port operations were already outsourced in a number of cases & this policy will continue. The Committee directed M/o Maritime Affairs to ensure that the governance framework of Port Authorities is compliant with the SOE law. To this end the Ministry will initiate amendments to their respective statutes. The summary presented by Power Division to consider the recommendations of Board Nominations Committee (BNC) regarding boards of Electricity Distribution Companies (DISCOs) was approved by the Cabinet Committee, which contained nominations for Boards of 9 electricity distribution companies