The federal government has incorporated a holding company named Sarmaya-e-Pakistan for all the state-owned enterprises, finance minister revealed on Friday.
Finance Minister Asad Umar made the announcement in a Twitter post.
“Sarmaya e Pakistan, the holding company for state-owned enterprises, 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,” his tweet read.
Sarmaya e pakistan, the holding company for state owned enterprises, 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 pic.twitter.com/H0Ptwr4xhH
— Asad Umar (@Asad_Umar) February 15, 2019
Asad Umar said the government was focused on turning around the state-owned enterprises and eliminating their losses is vital for economic turnaround of Pakistan.
He added that the losses of these enterprises are eating up resources which should be used for development and welfare.
Earlier in November, there were reports that the government was planning to invest Rs. 500 billion in an enterprise which will take the management control of all state-owned enterprises (SOEs) and change their fortunes.
According to reports, the federal government will have 100 percent shares, and the government shares held in the SOE will be gradually transferred to this new state firm.
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