govt advances pnsc
| |

Govt advances PNSC privatisation, moves to sell 30…

ByJustpaste.in

ISLAMABAD: The federal government has accelerated plans to transfer a 30 percent stake in the Pakistan National Shipping Corporation (PNSC) to the National Logistics Corporation (NLC), establishing two high-level committees to complete the financial, commercial, and legal framework for the transaction.

According to a briefing presented by the Ministry of Maritime Affairs to the Economic Coordination Committee (ECC), the committees will determine key aspects of the deal, including the share price, payment schedule, dividend distribution, utilisation of sale proceeds, 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 ministries, along with the Chairman of the Securities and Exchange Commission of Pakistan (SECP) and the Director General of NLC. Its mandate is to finalise the financial and commercial structure of the agreement, including the valuation of shares, payment mechanism, dividend arrangements, and the injection of funds into PNSC.

The second committee, led by the Secretary of the Law and Justice Division, will oversee the legal documentation required for the transaction. Its responsibilities include preparing the Share Purchase Agreement, Shareholders’ Agreement, and the legal framework governing the transfer of management control.

The ECC endorsed the proposal and emphasised the importance of increasing private sector participation in future maritime initiatives to improve efficiency, strengthen governance, and unlock the sector’s economic potential.

To ensure smooth implementation, the Ministry of Maritime Affairs has also proposed an Implementation Committee chaired by the Prime Minister’s Adviser on Privatisation and co-chaired by the Minister for Maritime Affairs. The committee will develop a roadmap and supervise the execution of the transaction.

The government had previously granted in-principle approval for NLC to acquire a 30 percent stake in PNSC, along with management control and consolidation rights, subject to all applicable legal requirements.

PNSC, a state-owned enterprise listed on the Pakistan Stock Exchange, remains majority-owned by the federal government, which holds 87.56 percent of its shares. Public investors own 10.87 percent, while the PNSC Employees Empowerment Trust holds the remaining 1.57 percent.

The national shipping company currently operates a fleet of 14 vessels, including three recently added ships. Despite fluctuations in earnings, PNSC has maintained strong profitability, posting net profits of Rs30 billion in FY2022-23, Rs19.4 billion in FY2023-24, and Rs20.4 billion in FY2024-25.

Established under the Pakistan National Shipping Corporation Ordinance, 1979, the organisation has undergone legislative reforms in recent years, with amendments introduced in 2023 and 2024 to align its governance framework with the State-Owned Enterprises Act, 2023. These changes are intended to improve transparency, accountability, and operational performance as the government advances its broader state-owned enterprise reform agenda.

Similar Posts

  • | |

    Polling resumes in Muzaffarabad as AJK elections e…

    ByJustpaste.in

    Polling is underway at 57 polling stations in Muzaffarabad for two constituencies of the Azad Jammu and Kashmir Legislative Assembly, LA-27 and LA-28, following a one-day delay caused by adverse weather conditions. Voting in the two constituencies was postponed on Sunday after bad weather disrupted the electoral process. Polling has now resumed, with voters turning out to cast their ballots and choose their representatives. Election staff and security personnel have been deployed at the polling stations to facilitate voters and maintain law and order throughout the voting process. The elections are being held in phases across Azad Jammu and Kashmir. According to unofficial and preliminary results announced so far, the Pakistan Muslim League-Nawaz (PML-N) has won 14 constituencies, while the Pakistan Peoples Party (PPP) has secured victories in five constituencies. The results remain unofficial until the relevant election authorities complete the formal process and announce the final outcome. The overall electoral picture is expected to become clearer as polling concludes in the remaining constituencies and official results are compiled. The third phase of the elections will take place in the Poonch Division on August 10. The division includes four districts—Rawalakot, Poonch, Bagh and Haveli—and comprises 11 Legislative Assembly constituencies, ranging from LA-14 to LA-24. Political parties are now focusing on the upcoming phase as voters in the Poonch Division prepare to participate in the electoral process. The August 10 polling will mark another key stage in the AJK elections, with the results expected to play an important role in determining the final composition of the Legislative Assembly. Election authorities have urged voters to exercise their right to vote peacefully and follow the established electoral procedures. The final results from all phases will provide a complete picture of the electoral mandate and determine the political balance in the Azad Jammu and Kashmir Legislative Assembly.

  • |

    South Korea to enshrine nuclear pledge in law

    ByJustpaste.in

    SEOUL: South Korea is preparing legislation that would legally reaffirm its commitment to nuclear non-proliferation while it moves ahead with plans to develop nuclear-powered submarines. The proposed bill is expected to be released for public consultation by the Defence Ministry. It will set out five key principles governing the country’s nuclear-powered submarine programme. If approved, the legislation would formally establish in domestic law Seoul’s pledge not to develop, produce, possess or use nuclear weapons. The proposed law would also prevent the government from using nuclear materials specifically for weapons-related purposes. It would prohibit activities that could weaken the international nuclear non-proliferation system. The move is aimed at addressing concerns that South Korea’s submarine programme could eventually lead to a domestic nuclear weapons capability. The legislation would reaffirm Seoul’s commitments under the Nuclear Non-Proliferation Treaty. It would also require cooperation with international organisations during the development of the submarines. The proposed framework would include safeguards for public safety and environmental protection against radioactive materials. The government also wants to speed up the submarine programme. The proposed law would reportedly allow the project to bypass a preliminary feasibility study. South Korea’s nuclear-powered submarine project, known as Jang Bogo N, involves plans for attack submarines powered by low-enriched uranium. The programme is being developed with US approval. The two countries reached an agreement on the project during a leaders’ summit last October. Seoul plans to launch its first nuclear-powered submarine in the mid-2030s. The vessel is expected to enter operational service later in the decade. Defence authorities are reportedly considering three submarines weighing about 8,000 tonnes each. However, official technical details have not yet been released. South Korean Defence Minister Ahn Gyu-back has previously stressed that the country will continue to follow its international non-proliferation commitments. Seoul also plans to work closely with the International Atomic Energy Agency throughout the programme.

  • |

    Palace fears Harry could reach King Charles while Camilla’s away

    ByJustpaste.in

    Prince Harry’s ongoing push to rebuild ties with the royal family may be approaching a pivotal moment. A new development has insiders within the Firm reportedly on edge. The concern centres around Queen Camilla’s upcoming girls’ trip, which happens to overlap with King Charles’s time at Balmoral in Scotland. According to celebrity reporter Rob Shuter and a Palace insider, this overlap has become a genuine point of worry. Camilla is widely believed to play a key role in tempering Charles’s emotional responses when it comes to Harry. She’s even reportedly rearranged her own schedule in the past just to be present during Harry’s summer meeting at Highgrove. A Palace source told Shuter that Harry is well aware of exactly when his father is most emotionally vulnerable. With Camilla away, one of the strongest steadying influences on Charles would temporarily be missing. The source explained that Harry understands his father on a deeply emotional level. According to the insider, Harry knows Charles misses him and senses that beneath the tension, the King still wants his son back. The source added that while Charles can be firm and composed in his role as monarch, Harry knows exactly how to reach him as a father. That emotional vulnerability is reportedly what worries palace insiders the most. Shuter noted that no dramatic gesture would even be necessary to make an impact. Even a simple phone call, he suggested, could open a door that officials would then struggle to close again. The timing adds another layer of complexity to the already delicate relationship between Harry and his father. With Camilla’s steadying presence temporarily out of the picture, palace insiders appear to be bracing for the possibility of an unplanned reconciliation attempt. Whether Harry chooses to act during this window remains to be seen, but the concern within palace circles suggests his opportunity is being taken seriously behind the scenes.

  • | |

    Pakistan goods transport alliance announces nation…

    ByJustpaste.in

      The Pakistan Goods Transport Alliance has announced a nationwide strike beginning on August 8, warning that transport operations across the country may be significantly disrupted if the government fails to address its key demands. The announcement was made by the alliance’s president, Malik Shehzad Awan, who criticized recent government policies affecting the transport sector and called for immediate corrective measures. Speaking to the media, Malik Shehzad Awan said that transporters are facing increasing financial pressure due to the frequent fluctuations in petroleum prices. He argued that the current system of revising fuel prices on a daily basis has created uncertainty for transport businesses, making it difficult for operators to estimate transportation costs, negotiate freight rates, and manage their daily operations effectively. The alliance has demanded that the government abandon the practice of daily fuel price adjustments and instead adopt a monthly pricing mechanism for petroleum products. According to Awan, fixing fuel prices on a monthly basis would provide greater stability to the transport industry, allowing businesses to plan expenses more efficiently and reducing the uncertainty caused by continuous price changes. He maintained that predictable fuel costs are essential for sustaining commercial transport services and protecting transport operators from unexpected financial losses. In addition to seeking changes in the fuel pricing policy, the alliance has also demanded the resignation of Federal Minister for Petroleum Ali Pervaiz Malik. Malik Shehzad Awan expressed dissatisfaction with the government’s handling of issues related to the petroleum sector, arguing that the concerns of transporters have not been adequately addressed. He claimed that recent policies have increased operational costs and placed an unnecessary burden on transport businesses across Pakistan. Another major demand put forward by the Pakistan Goods Transport Alliance concerns the withholding tax imposed on transport-related transactions. The alliance has urged the government to reduce the withholding tax rate from 7 percent to 2 percent, arguing that the current tax structure is excessive and has significantly increased the financial burden on transport operators. According to the alliance, lowering the tax rate would provide much-needed relief to the industry and improve the financial sustainability of transport businesses, particularly small and medium-sized operators. The transport sector plays a critical role in Pakistan’s economy, serving as the backbone of the country’s supply chain by moving goods between manufacturers, wholesalers, retailers, and consumers. A nationwide strike by transporters could disrupt the movement of essential commodities, industrial raw materials, agricultural products, and imported goods, potentially affecting businesses and consumers alike if the dispute remains unresolved. The alliance has called on the federal government to engage in meaningful dialogue with transport representatives before the scheduled strike date. Its leadership has urged policymakers to reconsider the current fuel pricing mechanism and taxation policies in order to prevent disruption to trade and commercial activities. The transporters maintain that their demands are aimed at ensuring the long-term sustainability of the sector rather than creating difficulties for the public. If negotiations do not produce a satisfactory outcome, the Pakistan Goods Transport Alliance has indicated that transporters across the country will proceed with the nationwide strike on August 8. The proposed shutdown is expected to affect freight services on major highways and commercial routes, potentially disrupting the supply of goods and increasing pressure on businesses dependent on road transport. The alliance has expressed hope that the government will address its concerns before the strike begins, allowing transport operations to continue without interruption.

  • | | |

    Nimra Khan divorce rumors intensify after social m…

    ByJustpaste.in

    Pakistani television actress Nimra Khan has once again become the center of attention on social media after a series of emotional posts and changes to her Instagram activity sparked fresh speculation about her married life. The actress had announced her marriage in June 2026 through Instagram, sharing pictures and moments from her wedding ceremony held in Paris. However, shortly after the wedding, rumors regarding possible differences between the couple began circulating online. The speculation gained momentum when Nimra Khan shared an emotional video message in which she spoke about staying strong during difficult times. She said that no matter how challenging life becomes or whether people stop understanding or supporting someone, a person should never abandon themselves because they are enough for themselves. Following the reactions from fans, the actress had previously clarified that her married life was going well and explained that she had hidden some personal pictures due to concerns about negative attention and the “evil eye.” However, recent developments on social media have once again fueled discussions among fans. According to reports, Nimra Khan and her husband Zain Hamid have removed each other’s pictures from Instagram and have also unfollowed each other. The rumors intensified after Nimra Khan shared another video with a message about personal strength and resilience. In the post, she wrote that a person should remain strong enough that others do not mistake their silence for weakness. Meanwhile, her husband also shared a brief but meaningful post that attracted public attention. His message, which appeared on July 31, said: “Finally at peace, good that I got rid of it.” The post led many social media users to question whether the couple was facing personal difficulties. Nimra Khan also recently shared a video related to domestic violence awareness, in which a woman described alleged abuse by her husband. The actress reposted the video with the message, “We are with you.” She later shared another post emphasizing the importance of setting personal boundaries, saying that she had established limits because failing to do so had previously caused her difficulties. Despite the growing speculation, neither Nimra Khan nor Zain Hamid has issued an official statement confirming a divorce or separation. Fans continue to discuss the couple’s social media activity, but the actual status of their relationship remains unclear. As social media continues to fuel public interest in celebrity relationships, any confirmation regarding their marriage will likely come directly from the couple themselves.

  • | | | | |

    UN urges evacuation of 6,000 sailors stranded in S…

    ByJustpaste.in

    GENEVA: The United Nations has called for the immediate evacuation and repatriation of nearly 6,000 sailors stranded in the Strait of Hormuz, warning that the escalating conflict in the Middle East is placing thousands of civilian seafarers in increasing danger. Speaking in Geneva, UN High Commissioner for Human Rights Volker Türk, through his spokesperson Shabia Mantoo, urged all parties involved in the conflict to prioritize the safety of commercial shipping crews caught in the crisis. “Parties to the conflict should urgently work to facilitate safe passage for stranded seafarers to safely evacuate and disembark, as well as ensure the delivery of critical supplies,” Mantoo told reporters, highlighting the growing humanitarian concerns in one of the world’s most strategically important waterways. The Strait of Hormuz serves as a vital global shipping route, handling a significant portion of the world’s oil exports. However, escalating military tensions have disrupted maritime traffic, leaving thousands of sailors aboard commercial vessels unable to safely continue their journeys or return home. The UN warned that many crews have remained at sea for extended periods, facing uncertainty over security conditions while access to food, medical assistance, and other essential supplies becomes increasingly challenging. Human rights officials stressed that civilian seafarers should not become casualties of geopolitical conflicts and called on all sides to respect international humanitarian and maritime law by ensuring safe navigation and humanitarian access. Maritime experts say prolonged disruptions in the Strait of Hormuz could have far-reaching consequences beyond the humanitarian crisis, affecting global energy supplies, international trade, and shipping costs. The UN’s appeal comes as diplomatic efforts continue to prevent further escalation in the region. While governments work to ease tensions, the world body has urged immediate action to protect the thousands of sailors still stranded at sea, emphasizing that humanitarian needs must remain a priority regardless of the ongoing conflict.

Leave a Reply

Your email address will not be published. Required fields are marked *