Govt appoints eight private directors for Sarmaya-e-Pakistan 

  • ‘One of the private directors will be the chairman of SPL while the finance secretary will take charge as CEO’

ISLAMABAD: The Ministry of Finance has notified eight private directors of Sarmaya-e-Pakistan Limited (SPL), a holding company established to turn around the fate of the state-owned loss-making entities.

According to the notification, the government has appointed Kamran Y Mirza, Musharaf Hai, Babar Badar, Zubyr Soomro, Nadeem Babar, Ehsan Malik, Waqar A Malik and Atif Aslam Bajwa as members of the SPL board of directors on an acting basis with immediate effect and until further orders.

Earlier, the Securities and Exchange Commission of Pakistan (SECP) had issued a certificate of incorporation to Sarmaya-e-Pakistan under the Companies Act 2017, with Finance Division Secretary Arif Ahmed Khan, Power Division Secretary Irfan Ali, Industries and Production Secretary Azhar Ali Chaudhry as its ex-officio members.

Sources said that one of the private directors of SPL would be the chairman of the company while the finance secretary would take charge as the CEO.

The government had established SPL with a capital injection of Rs500 billion in a bid to take over the managerial control of all public sector companies.

Presently, there are 193 state-owned loss-making enterprises and the SPL board would make the decision with regard to their revival or privatization.

As per details, Atif Aslam Bajwa serves as the President of Abu Dhabi Group. He was also the director of MCB Asset Management Company Limited, chairman of the board of Pakistan International Airlines Cooperation limited and chairman Pakistan Business Council.

Waqar Ahmed Malik has corporate and business experience of over 30 years across three continents.

Ehssan Ali Malik serves as the CEO of Pakistan Business Council. He is also a member of five other private boards.

Nadeem Babar is the founder of Orient Power Company (Private) Ltd. He is currently heading five different companies and is also the chairman of Task Force on Energy.

Babar Badar is the President of Pakistan International Freight Forwards Association, while Musharaf Hai currently serves as the Managing Director of L’Oreal. She was the first woman to head Unilever operations in the country and had quit the job to bring L’Oreal to Pakistan.

Kamran Yousaf Mirza is a businessman who has headed 12 different companies. Currently, Mirza is the Chairman of Unilever Pakistan Foods Ltd. Mirza is also on the board of six other companies.

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  1. Some of these so called Directors are friends of Asad .they would draw huge salaries and may eat away all the amount and create huge financial scandal to probe NAB.Except one or two the rest are mediocars and sycophants and social parasites. these loss making enterprises are incurring 15b billion per month and by the end current year around 100 billion including the remunations .of directorswould be added to exchequer Immediate solution lies in privitisation as quickly as possible possibly with in 3 months. There are so many recomendations and reports lying in privitisation commission and Mr.Umer can take a leaf and read these and set a time frame for the noble task.

  2. Get your facts regarding the background and their present status, updated..
    Barring 2, its a collection of blood sucking, corporate failures who have watched each others back for the last many years. Band of thugs, if anything !!

  3. Dear All. Good Morning have a nice day. this is good signed govt create (SPL) Board panel in order to revive the sick units of the country or privatized as well.
    I have exposure in Steels & Ceramics Industry massive experience. my free lance services devote towards SPL or interest to serve with (SPL) members in order to revive the sick business units
    My Expertise includes in. (Seed Processing) Raw Leather & Leather Manufacturing & massive experience in Steels sector as well.
    Thank you.

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