ISLAMABAD: The Board of Directors of the Sui Southern Gas Company Limited (SSGCL) has accepted the resignation of Imran Maniar from the position of Managing Director (MD) and he is set to leave the office on September 13, 2024, the SSGCL confirmed in a stock filing on Tuesday.
Imran Maniar, who took charge as MD SSGCL three and a half years ago, submitted his resignation from the top position on Monday, citing personal reasons for his departure.
“An emergent meeting of the Board of Directors of Sui Southern Gas Company Limited (SSGCL) was held on Monday, September 2, 2024, to consider the resignation submitted by Mr Imran Maniar from the position of Managing Director (MD) / Chief Executive Officer (CEO). The Board, with the utmost respect for Mr Maniar’s decision to pursue other opportunities, accepted his resignation,” read the notice sent by the SSGCL to the PSX.
The board acknowledged Mr Maniar’s significant contributions to SSGCL during his tenure and expressed its gratitude for his dedicated services. Mr Maniar’s final day with the company would be September 13, 2024, it added.
During his tenure, Maniar laid out a comprehensive plan focused on reducing unaccounted-for gas (UFG), enhancing human resources, and improving corporate governance within SSGC.
These efforts led to a remarkable reduction in UFG from 17% in 2021 to 10.6% by the end of the 2023-24 fiscal year. Particularly, the progress in Balochistan, where UFG rates, which had never dipped below 50%, were reduced to 31%, with projections to further decrease to 27% once new connections in the HUB area are activated. These milestones are unprecedented in the company’s history over the past two decades.
In addition to addressing UFG, Maniar oversaw the rehabilitation of 1,500 km of pipelines in 2023-24, a significant increase from the previous annual rate of 250 km, with plans to extend this to 2,500 km in the coming year. Under his leadership, SSGC’s capitalization soared from Rs. 8 billion annually to Rs. 25 billion, with further plans to reach Rs. 40 billion in 2024-25. Key areas in Karachi, including Lyari, Garden, Malir, and DHA, were rehabilitated, and longstanding pressure issues were resolved through the completion of the Karachi master plan.
Maniar also introduced innovative measures such as blended gas for captive plants, reducing winter shutdowns, and mitigating legal challenges. Furthermore, SSGC LPG and MMP divisions reported record profits of Rs. 1.5 billion and Rs. 1 billion, respectively, in 2023-24. The company is projected to break even this fiscal year, with profits expected to rise significantly in the next three years.
Maniar’s leadership saw the successful filling of senior leadership positions, the implementation of a decentralized reporting structure, and the introduction of technology to enhance operational efficiency. His ability to inspire and lead the same team and Board that preceded him underscores the transformative impact of his leadership at SSGC.
