SARMAYA E PAKISTAN COMPANY: A project to turn around State owned enterprises

Government of Pakistan announced establishment of a state owned enterprise with name of Sarmaya-E-Pakistan in November 2018. Last week under Companies Act 2017 Securities and Exchange Commission of Pakistan issued certificate of incorporation for Sarmaya-E-Pakistan. This Public Sector Company has 100% shareholding of Government of Pakistan, with aim to carry on the business as a holding company. This company will manage large portfolio of Public Sector Enterprises owned by government. It is being established to turn around government owned 193 enterprises which are running in loss.

Sarmaya-E-Pakistan Structure:

Chairperson: Prime Minister

Secretary Finance Division, Cabinet Division and Ministry of Industries and Production has signed the Memorandum and Articles of Association as nominee directors.

Business leaders in board of Sarmaya-E-Pakistan Company

Consequently members of Board include following business leaders notified by Finance division:

• Musharaf Hai

She is Managing director of Pakistan’s leading cosmetic brand L’Oreal. Along with that she has also served as Chairperson of Unilever Pakistan.

• Kamran Mirza

He is serving as chairman of Unilever Pakistan Foods and Philip Morris, both market leaders in their respective industry.

• Nadeem Babar

Nadeem babar has extensive experience in power sector. He served as head of Saba Power Company and Phoenix Energy Systems. Besides that up till now Nadeem Babar is serving as Chief Executive of Orient Power Company he is also founder of the company.

• Zubyr Soomro

Zubyr Soomro has an extensive experience in finance industry. He has served as Chairman of Karachi Stock Exchange, Pakistan Banks Association, United Bank Limited and President of American Business Council.

• Atif Aslam Bajwa

Atif Bajwa has served as President  & CEO of Bank Alfalah in past. Currently he is serving as President of Abu Dhabi Group.

• Ehsan Malik

Ehsan Malik has served as Chief executive of Lever Associated Pakistan, Sadiq Limited and Unilever Bird Eye Foods Pakistan. He is currently serving as CEO of Pakistan Business Council.

• Waqar Malik

Waqar has extensive experience in management. He has served on board of Engro Polymers, Chemicals limited, Pakistan Petroleum Limited and Chief executive of ICI Pakistan in past.

• Badar Badat

Badar Badat has extensive experience in freight business. He has served as President of Pakistan International Freight Forwarders Association in past.

It is being set up on recommendation of Finance ministry after taking into account the models Malaysia, Singapore. With time all public sector enterprises will come under this one company. Government of Pakistan’s statutory corporations and commercial concerns as National Highway authority will be converted in public limited companies and will be transferred as well.