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 and legal terms 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 transfer of management control.
The first committee, headed by the Prime Minister’s Adviser on Privatisation, includes senior officials from the Finance, Law and Justice, and Maritime Affairs divisions, along with the Chairman of the Securities and Exchange Commission of Pakistan (SECP) and the Director General of NLC. It will finalize the commercial and financial aspects of the proposed transaction.
A second committee, led by the Secretary of the Law and Justice Division, will prepare the legal framework, including the Share Purchase Agreement, Shareholders’ Agreement, and arrangements for transferring management control.
The ECC endorsed the proposal and emphasized greater private-sector participation in future initiatives to improve efficiency and unlock the maritime sector’s potential.
The Ministry of Maritime Affairs has also proposed an implementation committee, co-led by the Adviser on Privatisation and the Minister for Maritime Affairs, to oversee execution of the transaction and prepare its implementation roadmap.
The government had earlier approved, in principle, NLC’s acquisition of a 30 percent stake in PNSC along with management control and consolidation rights, subject to applicable legal and regulatory requirements.
PNSC is listed on the Pakistan Stock Exchange, with the federal government owning 87.56 percent of the company. Public shareholders hold 10.87 percent, while the PNSC Employees Empowerment Trust owns 1.57 percent.
The national shipping company currently operates a fleet of 14 vessels, including three recently acquired ships. It posted net profits of Rs. 20.4 billion in FY2024-25, following earnings of Rs. 19.4 billion in FY2023-24 and Rs. 30 billion in FY2022-23.
