PNSC declared ‘strategic’: TCP, Smeda categorised as ‘essential’ SOEs

ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) categorised Trading Corporation of Pakistan (TCP) and Small and Medium Enterprises Development Authority (Smeda) as essential state-owned enterprises (SOEs) and declared Pakistan National Shipping Corporation (PNSC) as a strategic SOE.

The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, presided over the meeting of the CCoSOEs, here on Monday.

The CCoSOEs considered a summary of Finance Division regarding the appointment of two independent directors on the board of the Export-Import (EXIM) Bank of Pakistan and approved.

The committee endorsed the appointments of Ayesha Aziz and Imran Maqbool as independent directors on EXIM Bank’s Board, in accordance with Section 17 of the Export-Import Bank of Pakistan Act, 2022.

The meeting focused on various critical issues related to the management and strategic direction of key SOEs.

The committee discussed a summary of the Ministry of Commerce regarding the plan to reinvigorate the TCP. It was decided that in view of the peculiar nature of the entity, TCP may be categorised as an essential SOE under the SOEs Policy, 2023. It was further decided that a detailed financial plan of the entity should be prepared, which should address the question of settlement of its liabilities.

A summary of Finance Division regarding the appointment of two independent directors on the board of the EXIM Bank of Pakistan was considered and approved.

The committee endorsed the appointments of Ayesha Aziz and Imran Maqbool as independent directors on EXIM Bank’s Board, in accordance with Section 17 of the Export-Import Bank of Pakistan Act, 2022.

A summary of Ministry of Industries and Production regarding the categorisation of Smeda (Small and Medium Enterprises Development Authority) by CCoSOEs was also discussed.

Keeping in view the importance of Smeda for facilitation of SMEs, it was categorised as Essential SOE in the light of Para-11 of SOEs Policy.

The committee also deliberated on a summary from the Ministry of Maritime Affairs regarding the appointment of independent directors to the PNSC and recommend the appointment of the proposed independent directors to the cabinet.

The committee also approved a proposal of the Ministry of Maritime Affairs to declare the PNSC as a Strategic SOE under Para-9(a) of Chapter-3 of the SOEs Ownership and Management Policy, 2023. Moreover, it was also decided that the option increased private shareholding in PNSC may also be explored.

The reconstitution of the Board of Trustees of Karachi Port Trust (KPT) for the term 2024-2026 was also discussed based on a summary from the Ministry of Maritime Affairs. The Committee approved the proposal of the Ministry and recommended the same for approval of the cabinet.

The meeting was attended by Minister for Planning Development and Special Initiatives Ahsan Iqbal, Minister for Commerce Jam Kamal Khan, Minister for Housing and Works Mian Riaz Hussain Pirzada, Minister for Economic Affairs Ahad Khan Cheema, Minister for Maritime Affairs Qaiser Ahmed Sheikh, deputy chairman Planning Commission, governor SBP, chairman SECP, chairman TCP, chairman PQA, federal secretaries, and other senior officers from the relevant ministries and divisions.

Copyright Business Recorder, 2024