PC registers nine more BESOS trusts

ISLAMABAD (SANA): The Board of Privatization Commission has registered nine more Benazir Employees Stock Option Scheme trusts on Thursday to distribute the 12 percent shares of the organizations among their employees as per government decision.

The Board met here on Thursday under the chairmanship of Iftikharul Haq, a senior PC Board member.

The new BESOS Trusts have been established in the Sui Northern Gas Pipeline Limited (SNGPL), the Sui Southern Gas Company (SSGC), the Pakistan State Oil (PSO), the Jamshoro Power Generation Company (JPGC), the Pakistan National Shipping Corporation (PNSC), the National Investment Trust (NIT), the Heavy Electrical Complex (HEC), the Pakistan Machine Tool Factory (PMTF) and the National Power Construction Company (NPCC).

The meeting was informed that under the scheme the government have granted free of cost 12 percent shares of Heavy Mechanical Complex (HMC), the Oil & Gas Development Company Limited (OGDCL), and the Pakistan Petroleum Limited (PPL) respectively.

The PPL was the third unit where BESOS is being implemented Thursday and about 2,693 employees of this unit will be benefited from the scheme. One unit will be equivalent to 2,566 shares. The units per employee will range from 1 to 20 depending upon the length of service. The benefit to each employee will range from Rs.484, 948 (1 x 2,693 shares x Rs.188.99 per share) to Rs.9, 698,967 (20 x 2,566 shares x Rs.188.99)

The meeting also reviewed the implementation status and of its earlier decisions and the progress of various on going and upcoming entities and formulated certain recommendations for the approval of the Cabinet Committee on Privatization (CCOP).

Mr. Shahab Khawaja Secretary Privatization Commission, PC Board members, senior representatives of the respective ministries/ departments and PC officials attended the meeting