Shareholders of PIA Holding Company Limited (PIAHCL) have approved the transfer of the Precision Engineering Complex (PEC) from PIAHCL to Precision Engineering Complex (Private) Limited (PECPL), a designated entity of the Pakistan Air Force (PAF).
The decision was made during an Extraordinary General Meeting held in Islamabad on Saturday.
According to the certified resolution, the move is in line with the Federal Government’s decision, approved by the Cabinet earlier this year, and is subject to sanction by the Securities and Exchange Commission of Pakistan (SECP) and compliance with all legal and regulatory requirements. The transfer will be effective from May 1, 2025.
The resolution authorizes the Chief Executive Officer and Company Secretary of PIAHCL to complete all necessary corporate, legal, and regulatory formalities to implement the carve-out, including obtaining no objection certificates and filing required documents with the SECP and other authorities.
The Precision Engineering Complex (PEC) at Pakistan International Airlines (PIA) produces high-precision components for the aerospace sector and other industries. This integrated facility brings together key engineering disciplines such as investment casting, conventional and CNC machining, optics, PCB manufacturing, electrical and electronics, and composites, all under one roof.
PEC supplies parts to clients in the USA and Europe, including major companies like General Electric, Airbus Industries, and Boeing.
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