The shareholders of PIA Holding Company Limited (PIAHCL) have approved the transfer of the Precision Engineering Complex (PEC) to Precision Engineering Complex (Private) Limited (PECPL), a Pakistan Air Force (PAF) designated entity. The decision was made during an Extraordinary General Meeting held in Islamabad on Saturday.
This move is in line with the Federal Government’s earlier decision, approved by the Cabinet. The transfer will require final approval from the Securities and Exchange Commission of Pakistan (SECP) and compliance with all legal and regulatory requirements. The effective date of the transfer is set for May 1, 2025.
According to the certified resolution, the CEO and Company Secretary of PIAHCL are authorized to complete all corporate, legal, and regulatory formalities. This includes obtaining no-objection certificates and filing necessary documents with the SECP and other relevant authorities.
The Precision Engineering Complex (PEC) at PIA is a high-tech facility that manufactures precision components for the aerospace sector and other industries. It integrates multiple engineering disciplines under one roof, including investment casting, CNC and conventional machining, optics, PCB manufacturing, electrical and electronics, and composites.
PEC supplies critical parts to clients in the USA and Europe, including leading companies such as General Electric, Airbus Industries, and Boeing. The transfer aims to enhance operational efficiency and strengthen PEC’s capabilities under PAF supervision.
Officials stated that the move will support Pakistan’s aerospace sector and improve corporate governance within PIA. It also ensures the facility aligns with national strategic priorities and regulatory compliance.
In other related news also read PIA Resumes UK Flights After Five-Year Suspension
This decision underscores PIA’s commitment to leveraging its assets effectively while fostering collaboration with the PAF, enhancing both operational performance and international competitiveness in aerospace engineering.
