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The PIA Holding Company Limited (PIAHCL) has approved the transfer of its subsidiary, Precision Engineering Complex (PEC), to a new entity owned by the Pakistan Air Force (PAF) as part of Pakistan International Airlines’ ongoing restructuring plan.
According to a disclosure shared with the Pakistan Stock Exchange (PSX) on Monday, PIAHCL shareholders approved the transfer during an Extraordinary General Meeting (EGM) held on October 25, 2025. Under the approved arrangement, PEC will be carved out from PIAHCL and handed over to Precision Engineering Complex (Private) Limited, a PAF-designated company, 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 PSX notice stated.
PIAHCL, a public limited company majority-owned by the Government of Pakistan, was formed to assume selected assets, liabilities, and subsidiaries of Pakistan International Airlines Corporation Limited (PIACL) as part of the national carrier’s restructuring process.
The company’s Chief Executive Officer and Company Secretary have been authorised to complete all legal and regulatory requirements, including filings with the Securities and Exchange Commission of Pakistan (SECP) and obtaining no-objection certificates from the concerned authorities.
The Precision Engineering Complex (PEC), originally part of PIA, manufactures high-precision components for aerospace and engineering sectors. It integrates various engineering disciplines such as investment casting, CNC machining, optics, electronics, and composite production.
PEC is also a certified supplier to international firms, including General Electric, Airbus Industries, and Boeing, with clients spread across the United States and Europe.
