Holding company for state-owned enterprises launched: Asad Umar

ISLAMABAD: Minister for Finance Asad Umar on Friday announced that Sarmaya-e-Pakistan, the holding company for state-owned enterprises, has been launched.

Taking to Twitter, the finance minister said, “Sarmaya-e-Pakistan, the holding company for state owned enterprises, incorporated.” He said that the bonds would be issued for improving economic condition of the loss making state-owned enterprises. The main aim of the company is to turnaround state-owned enterprises. Asad Umar added, “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 the economic turnaround of Pakistan.”

In November last year, it was reported that the government had decided to establish a Rs500 billion company called Sarmaya-e-Pakistan Limited to take management control of all state-owned enterprises (SOEs) and change their fortunes.