Cabinet committee approves around Rs42bn NSPC share purchase deal

April 09, 2025 (MLN): 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 Rs41.78 billion.

This decision was made during a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) held today at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

The Committee also approved the Finance Division’s proposal to purchase the State Bank of Pakistan’s (SBP) 4.02bn equity shares in Zarai Taraqiati Bank Limited (ZTBL) at Rs8.4bn, along with acquisition of SBP’s preference shares in ZTBL at a fixed value of Rs54.4bn.

Furthermore, the transaction proceeds from the NSPC acquisition will be adjusted against the ZTBL share acquisition, with the remaining amount to be offset against SBP’s retained surplus profit, according to the press release issued today.

Federal Minister for Housing and Works Mian Riaz Hussain Pirzada, Federal Minister for Maritime Affairs Junaid Anwar Chaudhry, Governor State Bank of Pakistan, Attorney General of Pakistan, federal secretaries, and other senior officials from relevant ministries and departments also attended the meeting.

In another key agenda item, the Committee reviewed a summary from the Power Division on the reconstitution of Boards of Directors for several key energy SOEs.

These included GENCOs Holding Company Limited (GHCL), Jamshoro Power Generation Company Limited (JPCL), Central Power Generation Company Limited (CPGCL), Northern Power Generation Company Limited (NPGCL), Lakhra Power Generation Company Limited (LPGCL), and National Power Parks Management Company Limited (NPPMCL).

These Boards were found to be non-compliant with the updated SOEs Act and Policy, 2023.

Following the recommendations of the Board Nomination Committee and approval from the Prime Minister, the Committee approved the new nominations for Independent Directors, Ex-Officio Directors, and CEOs/Executive Directors.

The Ministry of Industries and Production presented two additional summaries.

The first pertained to the reconstitution of the Board of Directors of the National Productivity Organization (NPO), in which the Committee approved the appointment of four ex-officio members and five private sector members vetted by the relevant reporting agencies.

The second concerned the reconstitution of the Board of Governors of the Pakistan Institute of Management (PIM), Karachi.

The Committee gave its nod to the nomination of three ex-officio members and two independent members, as approved by the Prime Minister’s Office.

The Ministry of Overseas Pakistanis and Human Resource Development submitted a summary regarding the reconstitution of the Board of Governors of the Overseas Pakistanis’ Foundation (OPF).

In line with Clause 24 of the SOEs Policy 2023, the Committee approved the addition of three independent members to complete the 11-member Board.

Lastly, the Committee approved a proposal by the Ministry of Railways for categorizing Pakistan Railways as a “Strategic and Essential” entity under the SOEs Act & Policy, 2023, based on classification by the Railway Board comprising key secretaries.

Chairing the session, Senator Muhammad Aurangzeb reaffirmed the Government’s firm commitment to ensuring transparency, accountability, and operational efficiency in the governance of state-owned enterprises.

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