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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved the transfer of management control, along with a 30 per cent shareholding, in Pakistan National Shipping Corporation (PNSC) to the National Logistics Corporation (NLC) for optimum and integrated freight transport through shipping and road networks.
The ECC meeting, presided over by Finance Minister Muhammad Aurangzeb, also approved more than a 70pc increase in the subsistence allowance for Kashmiri refugees of 1989 and seven supplementary grants worth around Rs8.634 billion.
An official statement said the ECC “granted in-principle approval for restructuring of PNSC of the Ministry of Maritime Affairs through sale of 30pc shareholding and transfer of management control to NLC” — an army-run logistics firm working under the Ministry of Planning, Development and Special Initiatives.
The summary for restructuring and divestment to NLC was moved by the Ministry of Maritime Affairs following an earlier approval by the prime minister in February this year.
