The federal government has decided to postpone the privatization of the Pakistan National Shipping Corporation (PNSC) to explore alternative funding sources and revitalize the organization.
So instead of selling shares on the stock market, the government aims to enhance PNSC’s operational capacity by increasing its fleet. Currently, the government holds an 87 percent stake in PNSC, while 10.87 percent is owned by the general public and employees’ funds.
In a recent board meeting, PNSC’s performance was reviewed and ways were discussed in how to improve the corporation’s commercial viability in logistics. However, concerns were raised about its aging fleet which has been diminishing the corporation’s utility.
The Ministry of Maritime Affairs had previously submitted a proposal to the cabinet committee to sell additional shares in the stock market to generate capital. However, the ministry expressed reservations in this regard, given the institution’s strategic importance as a reason for keeping its stake intact in the company.
Editorial & Legal Practice Group
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