PIA accords approval to transfer of Precision Engineering Complex to PAF
Pakistan
International Airlines Holding Company Limited (PIAHCL) has approved the
transfer of its subsidiary, Precision
Engineering Complex (PEC), to a new company owned by the Pakistan Air Force (PAF), marking a significant
milestone in the airline’songoing restructuring efforts.
The decision was disclosed in a
notice to the Pakistan Stock Exchange
(PSX) on Monday.
PIAHCL, a public limited entity
majority-owned by the Government of Pakistan, was established to assume
selected assets, liabilities, and subsidiaries of Pakistan International
Airlines Corporation Limited (PIACL).
Read More PIA
to hand over Precision Engineering Complex to PAF-controlled entity
According to the PSX filing, shareholders approved the resolution during an Extraordinary General Meeting (EGM) held on October 25, 2025. Under the approved scheme, PEC will be separated from PIAHCL and transferred to Precision Engineering Complex (Private) Limited — a company designated by the PAF — effective May 1, 2025.
“The shareholders of PIAHCL do
hereby approve the Scheme of Arrangement… for the carving out and transfer of
Precision Engineering Complex (PEC) from PIAHCL to Precision Engg Comp
(Private) Limited (PECPL), designated entity of Pakistan Air Force,” the notice
stated.
The company’s Chief Executive
Officer and Company Secretary have been authorized to fulfil all legal and
regulatory formalities, including filings with the Securities and Exchange Commission of Pakistan
(SECP) and securing no-objection certificates from relevant authorities.
Read More Government
to sell PIA’s Precision Engineering Complex to PAF for rs6.5 billion
Originally established as part of Pakistan International Airlines, the Precision Engineering Complex manufactures high-precision components for the aerospace and engineering sectors. Its capabilities span investment casting, CNC machining, optics, electronics, and composite materials.
PEC is a certified supplier to
leading international firms including General Electric, Airbus Industries, and
Boeing, with a client base extending across the United States and Europe.
Source: Profit Pakistan