PIA Holding to Transfer Precision Engineering Complex to Pakistan Air Force Entity

PIA Holding Company Limited (PIAHCL) has announced the approval of a Scheme of Arrangement for the transfer of its Precision Engineering Complex (PECL) to Precision Engineering Complex (Private) Limited, a designated entity of the Pakistan Air Force (PAF), the company said in a notice to the Pakistan Stock Exchange (PSX). The decision was made in the 16th meeting of the Board of Directors held in Islamabad on September 23, 2025. The scheme, drafted under the Companies Act, 2017, outlines the process for transferring the Precision Engineering Complex, a business unit of PIAHCL, from the holding company to the PAF’s designated entity. The necessary filings will be made with the Securities and Exchange Commission of Pakistan (SECP). The Precision Engineering Complex (PEC) at Pakistan International Airlines (PIA) manufactures high-precision components for the aerospace and other industries. It is a fully integrated facility that combines various engineering disciplines, including investment casting, conventional and CNC machining, optics, PCB, electrical, electronics, and composites. It serves major companies such as General Electric, Airbus, and Boeing. This move is part of a broader restructuring of PIAHCL’s assets, as the company was established to manage the liabilities and assets of Pakistan International Airlines Corporation Limited (PIACL). This move comes following directives from the Federal Government and is intended to further align the operations of the complex with PAF’s objectives.