ISLAMABAD (Kashmir English): The Pakistan National Shipping Corporation announced that Prime Minister Shehbaz Sharif approved the National Logistics Corporation (NLC) to acquire a 30 percent stake in the state-owned shipping company, together with management control and consolidation rights.
The development was disclosed in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. PNSC said it had received formal communication from the Ministry of Maritime Affairs confirming the prime minister’s approval, in line with applicable laws and the company’s by-laws.
NLC has officially declared its plan to execute the acquisition of shareholding and management control rights, which it will proceed with according to the filing.
The parties involved in the agreement decided to keep both financial details and the project completion schedule confidential. PNSC operates under the Ministry of Maritime Affairs to provide worldwide transportation services for dry bulk and liquid cargoes.
The company operates a fleet that consists of 12 vessels, which together have a total deadweight capacity of 938876 tonnes. Beyond its shipping operations, the company operates both a real estate business and a repair workshop.
