CCoSOEs declares NICL, SLICL, PRCL as non-essential SOEs

July 23, 2024 (MLN): The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Monday decided that National Insurance Company Limited (NICL), State Life Insurance Company Limited (SLICL) and Pakistan Re-Insurance Company Limited (PRCL) did not meet the criteria of strategic or essential SOEs and would not be categorized as essential for the public sector.

According to a press statement issued yesterday, the Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb, presided over the CCoSOEs meeting in which the decision was made.

The Committee further considered the summaries presented by different Ministries/Divisions for categorizing their relevant State-Owned Enterprises (SOEs) as strategic/ essential or otherwise.

The Ministry of Commerce was further directed to explore Public Private Partnership model for the Pak Expo Company.

The committee considered the summary presented by the Ministry of Science & Technology and approved to rename and restructure STEDEC into Indigenous Research and Development Agency (Pvt) Limited (IRADA).

It was further directed to constitute its board and operationalize the entity by December 2024.

The CCoSOEs approved the proposals of Aviation Division and Ministry of Communications for the appointment of candidates as Independent Directors on the Boards of PIA Holding Company Board, Pakistan Postal Services Management Board (PPSMB) and Postal Life Insurance Company Limited (PLICL).

The committee directed M/o Communications to present proposals for categorization of these entities at the earliest.

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