Cabinet Committee Directs to Initiate Process for Winding Up PTDC

Federal Minister for Finance Senator Muhammad Aurangzeb presided over a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) at the Finance Division today.

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.

The Cabinet Division presented summaries related to the Pakistan Tourism Development Corporation (PTDC) and Printing Corporation of Pakistan (PCP). The cabinet committee directed the 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 the 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 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 the categorization of the Port Authorities i.e. Port Qasim Authority (PQA), Karachi Port Trust (KPT), and Gwadar 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 Ministry of 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 the 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.

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