Govt transfers scrips of state-owned companies to Sovereign Wealth Fund

MG News | August 03, 2023 at 09:41 AM GMT+05:00

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August 03, 2023 (MLN): In a bid to increase foreign investment, Senate has approved the transfer of entire government ownership in seven state-owned companies to a Sovereign Wealth Fund.

The companies include Oil and Gas Development Corporation (OGDC), Pakistan Petroleum Limited (PPL), National Bank of Pakistan (NBP), and Mari Petroleum Co (MPCL), as detailed in the bill available on the Senate website.

The newly established Sovereign Wealth Fund will have the authority to engage in various types of transactions, including divestment through sales and making strategic investments.

This strategic move is part of the government's efforts to raise funds from friendly countries, with an ambitious target of $5 billion.

The majority of Senators approved a government bill seeking to set up Pakistan Sovereign Wealth Fund worth $8bn to push growth in different sectors, in particular, agriculture, industry, and information technology.

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