Tuesday, 16 July 2024, 03:29:22 pm

CCoSOEs directs to initiate process for winding up of PTDC
June 20, 2024

Cabinet Committee on State-Owned Enterprises (CCoSOEs) has directed Cabinet Division to initiate the process for winding up of Pakistan Tourism Development Corporation.

The decision to this effect was taken during today's meeting of the CCoSOEs that was held in Islamabad with Finance Minister Muhammad Aurangzeb in the chair.

The committee also considered the summaries of the Ministry of Housing and Works relating to Pakistan Environmental Planning and Architectural Consultants and National Construction Limited.

The committee approved the proposal for winding up of PEPAC.

It also directed the authorities to complete the ongoing projects of the NCL and prepare the plan for winding up its operations.

The committee further approved the proposals presented by the Ministry of Maritime Affairs regarding categorization of the Port Authorities including Port Qasim Authority, Karachi Port Trust, and Gawadar Port Authority as Essential.

The Committee was informed that port operations were already outsourced in a number of cases & this policy will continue.

The Committee directed Ministry of Maritime Affairs to ensure that the governance framework of Port Authorities is compliant with the SOE law.

To this end, the Ministry will initiate amendments to their respective statutes.