Pakistan National Shipping Corporation (PNSC) said it had received official communication from the Ministry of Maritime Affairs confirming that Prime Minister Shehbaz Sharif has approved the National Logistic Corporation’s acquisition of a 30% shareholding in PNSC.
The company shared the development in a notice to the Pakistan Stock Exchange (PSX) today.
The PM has also approved the transfer of management control and consolidation rights, in accordance with applicable laws and by-laws.
“In pursuance of the above directions, vide its aforesaid letter, NLC formally conveyed its intent to proceed with the proposed acquisition of shareholding and management control in PNSC,” the notice read.
PNSC is a national carrier of Pakistan. It is engaged in the transportation of dry bulk and liquid cargoes across the globe. PNSC operates under the control ofthe Ministry of Maritime Affairs, Government of Pakistan.
The company manages a fleet of 12 ships with a carrying capacity of 938,876 tons of deadweight. Besides, PNSC also has a real estate business and a repair workshop.
