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.
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.