KARACHI CM okays setting up of corporation to run KCR
KARACHI, Nov 26: The Sindh Chief Minister, Dr Arbab Ghulam Rahim, here on Saturday approved to set up a corporation for running the Karachi Circular Railway (KCR). According to details, State Minister for Railways Ishaque Khan Khakwani held a meeting with the Sindh chief minister at the CM’s House to discuss matters related to the administration and operation of the KCR.
The meeting reviewed, in depth, the role of the railway to provide transport facilities to the growing population of the city and decided that a corporation, named Karachi Urban Transport Corporation be formed in this regard.
It decided that representatives of the federal, provincial and the city governments would be selected as members of this corporation.
The company would be set up under the Companies Ordinance 1984 and the federal government would have a 60 per cent stake in it. The remaining 40 per cent ownership would be of the Sindh government.—PPI
Private firm to run Karachi Circular Rail
By Our Staff Reporter
LAHORE, Nov 26: The Karachi Circular Railway will be run by a private company to be formed under the aegis of the Sindh government. Minister of State for Railways Ishaq Khan Khakwani told Dawn by phone on Saturday Sindh Chief Minister Dr Ghulam Arbab Rahim approved the summary for the purpose at a meeting.
“The summary proposes transfer of federal government assets to the provincial government,” he said and added it would now be forwarded to the federal government through the Sindh chief secretary for completion of formalities in this behalf.
A board would be constituted to run the company which would have three partners — the federal government through ministry of railways, the city government of Karachi and the Sindh government.
The federal government would have 60 per cent shares in the company, the provincial government 25 per cent and the city government 15 per cent.
Municipal bonds would be floated in the stock market for the general public, said Mr Khakwani who is also the chairman of the KCR project implementation committee.
The chief executive officer of the company, having experience in the field, would be hired from the market.
Sindh chief secretary Fazalur Rahman, provincial transport secretary Nasir Hayat, Karachi city nazim’s representative Zaheerul Islam, railways divisional superintendent Junaid Qureshi and KCR project director Ijaz Khilji attended the meeting, Mr Khakwani said.
