Govt Moves Closer to Selling 30% Stake in PNSC

The federal government has taken another step toward selling a 30 percent stake in Pakistan National Shipping Corporation (PNSC) to the National Logistics Corporation (NLC) by forming two sub-committees to finalize the financial, commercial, and legal aspects of the transaction.

According to a briefing presented by the Ministry of Maritime Affairs to the Economic Coordination Committee (ECC), the committees will determine the sale price, payment structure, dividend distribution, use of proceeds, legal agreements, and the mechanism for transferring management control of PNSC to NLC.

The first committee, headed by the Adviser to the Prime Minister on Privatization, includes the secretaries of Finance, Law and Justice, and Maritime Affairs, along with the chairman of the Securities and Exchange Commission of Pakistan (SECP) and the Director General of NLC. It will finalize the sale price, payment plan, dividend treatment, and how the transaction proceeds will be injected into PNSC.

The second committee, chaired by the Secretary of the Law and Justice Division, includes representatives from the Finance, Maritime Affairs, and Privatization divisions, SECP, and NLC. It will oversee the legal documentation, including the Share Purchase Agreement, Shareholders’ Agreement, and the transfer of management control.

The federal cabinet had earlier approved the acquisition of a 30 percent stake in PNSC by NLC, along with management control and consolidation rights.