Prime Minister Shehbaz Sharif has approved a proposal by which the National Logistics Corporation (NLC) can buy a 30 per cent share in the Pakistan National Shipping Corporation (PNSC), along with management control and rights of consolidation.
The development came into confirmation through a notice filed to the Pakistan stock exchange (PSX) on Tuesday.
According to PNSC, the ministry of maritime affairs officially communicated about the prime minister’s approval with regard to laws and the company’s by-laws.
Formal Communication to PSX
In its filing, PNSC said that NLC has officially expressed its intention to proceed with the proposed acquisition of shares and transfer of management authority.
However, specifics of the transactions and a timeline to complete the deal have yet to be revealed.
The move signifies a major structural change in the State-owned logistics and maritime sectors of Pakistan. Officials are yet to release details on how exactly the transition will be carried out.
PNSC’s Role and Operations
PNSC is administratively controlled by the Ministry of Maritime Affairs, and is responsible for transporting dry bulk and liquid cargo in the world.
The corporation operates a fleet of 12 vessels having a total deadweight capacity of 938,876 tonnes.
In addition to its basic shipping operations, PNSC is also engaged in real estate management and operating a ship repair workshop.
Further details on details regarding the deal are expected once regulatory and procedural requirements proceed.
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