The Precession Engineering Complex (PEC), a division of Pakistan International Airlines (PIA), will be sold to the Pakistan Air Force (PAF) by the government for Rs 2.5 billion in cash. This sum is only one-fourth of what a solo bidder would pay for a 60% share in the national carrier.
According to a senior government official who spoke to The Express Tribune, PEC is valued at Rs6.5 billion, which includes Rs4 billion in pension-related liabilities for both present and former employees. High-precision component production for the aerospace industry and other sectors is PEC’s area of expertise.
According to sources, a cabinet committee has authorized the Rs6.5 billion transfer of PEC to PAF. A formal synopsis is currently being
