Pakistan National Shipping Corporation
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PAKISTAN NATIONAL SHIPPING CORPORATION
Profile
THE GROUP & ITS OPERATIONS:
Pakistan National Shipping Corporation (the Corporation) and its subsidiary companies (together ‘the Group’) were incorporated under the provision of Pakistan National Shipping Corporation Ordinance, 1979 and the Companies Ordinance, 1984 respectively. The Group is principally engaged in the business of shipping, including charter of vessels, transportation of cargo and other related services. The Group is also engaged in renting out its properties to tenants under long term lease agreements. The Group’s registered office is situated in PNSC Building Moulvi Tamizuddin Khan Road, Karachi.
The Group consists of:
Holding Company
Pakistan National Shipping Corporation
Subsidiary Companies
1. Bolan Shipping (Private) Limited.
2. Chitral Shipping (Private) Limited.
3. Hyderabad Shipping (Private) Limited.
4. Islamabad Shipping (Private) Limited.
5. Johar Shipping (Private) Limited.
6. Kaghan Shipping (Private) Limited.
7. Khairpur Shipping (Private) Limited.
8. Lalazar Shipping (Private) Limited.
9. Makran Shipping (Private) Limited.
10. Malakand Shipping (Private) Limited.
11. Multan Shipping (Private) Limited.
12. Sargodha Shipping (Private) Limited.
13. Shalamar Shipping (Private) Limited.
14. Sibi Shipping (Private) Limited.
15. Swat Shipping (Private) Limited.
16. Karachi Shipping (Private) Limited.
17. Lahore Shipping (Private) Limited.
18. Quetta Shipping (Private) Limited.
19. Pakistan Co-operative Ship Stores (Private) Limited.
Associate Company
20. Muhammadi Engineering Works
National Tanker Company (Private) Limited (NTCL) was an associate company of the Group. The Group owned 50% of the shares capital of NTCL. However, on May 11, 2006, the Group acquired the remaining 50% share capital (1,677,083 shares) of NTCL against total consideration of Rs.168,764,862 based on fair market value of Rs.100.63 per share. Subsequent to the year end NTCL’s name has been changed to Karachi Shipping (Private) Limited.
The Group owns 55% of the share capital of Pakistan Co-operative Ship Stores (Private) Limited and 100% of the share capital of the remaining eighteen subsidiary companies. All the fully owned subsidiaries of the Corporation operate one vessel / tanker each except Karachi, Lahore and Quetta Shipping (Pvt.) Ltd. – 2006.
BOARD OF DIRECTORS:
PNSC Board is nominated by the Government. There are five nominated Directors including the Chairman and two Directors elected by the share holders. In addition to above there are five Executive Directors who assist the Chairman in the day to day affairs of the Corporation and head following Divisions:
a. Administration Division
b. Finance Division
c. Commercial Division
d. Ship Management Division
e. Special Projects and Planning Division.
PNSC MANAGES FOLLOWING FLEET:
a) 10 Multi Purpose Cargo Ships
b) 04 Aframax Tankers
c) 01 Bulk Carrier
Total 15 Vessels
Dead Weight Tonnage: 636,182
The share holding of the Corporation is as follows:
Authorized Capital Pak Rs.2,000,000
Paid up Capital Pak Rs.1,320,634
Government Share 89.13%
Institutions 3.75%
Individuals 7.30%
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