ISLAMABAD: Federal Minister for Petroleum, Natural Resources and Privatisation Syed Naveed Qamar will distribute Shares Unit Certificates among the regular and contractual employees of Pakistan State oil (PSO) and Oil & Gas Development Company Limited (OGDCL) at Kemari, Karachi and OGDCL Oilfields, Tando Alam on December 4 and 5 respectively.
According to a statement of the Privatisation Commission, this step has been taken in order to implement the Benazir Employees Stock Option Scheme (BESOS) in State Owned Enterprises (SOEs) to extend the benefits to the eligible employees free of cost for 12 per cent Government of Pakistan (GoP) shares of the privatised or non-privatised entities, employees having at least five years of service are eligible for the unit certificates.
The BESOS Trusts have already been established in Sui Northern Gas Pipeline Limited (SNGPL), Sui Southern Gas Company (SSGC), Pakistan State Oil (PSO), Jamshoro Power Generation Company (JPGC), Pakistan National Shipping Corporation (PNSC), National Investment Trust (NIT), Heavy Electrical Complex (HEC), Pakistan Machine Tool Factory (PMTF) and National Power Construction Company (NPCC).
The scheme was launched by Prime Minister Syed Yusuf Raza Gilani, who distributed unit certificates of 12 per cent GoP shares to 887 employees of Heavy Mechanical Complex (HMC) on 14th August, 2009.
Thereafter, on August 26, 2009, unit certificates were distributed amongst the employees of Oil & Gas Development Company Limited (OGDCL) by the Federal Minister for Privatisation and Petroleum & Natural Resources.
OGDCL is the second unit where BESOS is being implemented and About 10,576 employees of this unit will benefit from the scheme.
One unit will be equivalent to 3,000 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 Rs270,000 (1 x 3000 shares x Rs90 per share) to Rs5,400,000 (20 x 3,000 shares x Rs90).
Based on the dividend paid last year the employees will additionally benefit from dividends ranging from Rs14,250 (3000 shares x Rs4.75 per share) to Rs285,000 (60,000 shares x Rs4.75 per share) each.
On October 1, 2009, the Prime Minister distributed unit certificates amongst the employees of Pakistan Petroleum Limited (PPL).
PPL is the third unit where BESOS is being implemented and about 2,693 employees of this unit will benefit 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 Rs484,948 (1 x 2,693 shares x Rs188.99 per share) to Rs9,698,967 (20 x 2,566 shares x Rs188.99).—APP
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