The federal government’s decision to defer the privatization of the Pakistan National Shipping Corporation (PNSC) is in its efforts to redefine its sources of funds and invigorate the institution. The action-orientated move will involve boosting the operational capacity of PNSC, rather than disposing of shares on the stock exchange. Approximately 10.87% of PNSC is owned by the general public and by employees’ funds.
Also Read: Mohsin Naqvi Announced upgradation of National Police Academy
Among other recommendations that came out of the recent board meeting was the review of the performance of the corporation and new ways to make the corporation commercially viable in logistics. The listening audience, however, was concerned by the fact that the aging fleet was depleting the corporation’s utility. The Ministry of Maritime Affairs, at one time, considered a further sale of shares on the stock market to shore up capital but faced reservations because of the strategic nature of the institution.
Such a decision portrays the government’s resolve to create a contradiction in itself by both quelling the operational problems and keeping control over the corporation.