Monday, May 23, 2022

Govt to sell its stake in ‘State Life’: Mian Soomro

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ISLAMABAD: Federal Minister for Privatisation Muhammad Mian Soomro on Friday announced that the government will sell its shares in State Life Insurance Corporation, ARY News reported.

In a briefing to investors and financial sector, Muhammad Mian Soomro said that profit and market share of the State Life was shrinking, hence the incumbent government decided to sell its stake in the loss-making organization.

Responding to a question, Mian Soomro said that the government was focusing on revival of Pakistan Steel Mills. He said that there were 204 state-owned enterprises and they could not privatize all the enterprises.

The minister said that Prime Minister Imran Khan has constituted a team of experts for revival of loss-making public enterprises.

Read More: Govt to privatize 49 entities in next five years, Senate body told

Earlier on February 22, the Senate Standing Committee on Privatization was told that the incumbent government had decided to privatize 49 entities over the period of next five years.

Federal Privatisation Secretary Rizwan Malik had told the meeting that government had tasked the Ministry of Privatization to execute the plan. He had said eight entities will be privatized in the next one-and-a-half-year, while two LNG power plants will also be sold in the first phase.

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