ISLAMABAD: The Cabinet Committee on State-Owned Enterprises has approved the winding up of Sarmaya-e-Pakistan Limited (SPL).
The Cabinet Committee (CCoSOEs) met at the Finance Division under the chairmanship of the Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb. The committee considered and approved a summary submitted by the Railways Division regarding the appointment of four independent and three ex-officio members to the Board of Directors of the Special Purpose Vehicle (SPV) for the Thar Coal Rail Connectivity Project, being executed jointly with the Government of Sindh. The proposed panel had earlier been examined and recommended by the Board Nomination Committee (BNC) and subsequently approved by the prime minister. It also reviewed and approved a summary by the Finance Division concerning the winding up of Sarmaya-e-Pakistan Limited (SPL) in light of its redundancy following recent developments in the governance framework for state-owned enterprises. It also considered and approved a summary by the Petroleum Division regarding the reconstitution of the Board of Directors of Pakistan LNG Limited (PLL). It also approved a summary by the Power Division regarding the reconstitution of the Boards of Directors of Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO), following clearance of credentials and approval of the panel by the prime minister. The Cabinet Committee also approved the appointment of Yousaf Khan as Member/Trustee of the Karachi Port Trust Board against a vacant position.
