Cabinet body considers, approves various summaries on SOEs

ISLAMABAD: A meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) was held on Wednesday at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

Federal Minister for Housing and Works Mian Riaz Hussain Pirzada, Federal Minister for Maritime Affairs, Governor State Bank of Pakistan, Attorney General of Pakistan, federal secretaries and key officials from relevant ministries and government departments were also present.

The committee considered a summary from the Finance Division regarding “Re-merger of National Security Printing Company (NSPC) — State Owned Enterprise (SOE) with Pakistan Security Printing Corporation (PSPC) owned by the State Bank of Pakistan (SBP)” and “Acquisition of State Bank of Pakistan’s (SBP’s) shares in Zarai Taraqiati Bank Limited (ZTBL).”

The committee approved the proposal to execute the Share Purchase Agreement between the Finance Division and PSPC for acquisition of NSPC at a value of Rs41,774 million. It further allowed the Finance Division to purchase SBP’s 4,015,599,174 equity shares in ZTBL at Rs8,472.914 million and to acquire SBP’s preference shares in ZTBL at a fixed value of Rs54,461.536 million.