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The people friendly policies of the government will have positive turn with
the implementation of Benazir Employees Stock Option Scheme (BESOS) in the
State Owned Entities (SOEs), which is also the implementation of Qauid-e-Awam
Zulfiqar Ali Bhutto and Shaheed Mohtarma Benazir Bhutto’s vision to empower
the workers by extending the benefits of these entities to the employees who
have made these entities with their dedicated efforts and hard work. Syed
Naveed Qamar Federal Minister for Petroleum, Natural Resources & Privatisation
stated while addressing a press briefing here today.
The Minister announced that after the launch of BESOS scheme for the employees
of Heavy Mechanical Complex (HMC) by the Prime Minister, the BESOS now would
be implemented in Oil & Gas Development Company Limited (OGDCL) on 26th August
2009 by giving 12% shares i.e. (438 million shares) to the employees free of
cost, which will benefit about 10,576 employees of this unit from the scheme.
Employees would form a Trust and three (3) representatives each of employees
and the government would be nominated in the Trust and employees
representation on the Board of Directors of OGDCL as an additional director by
way of Board’s resolution.
Giving further details Syed Naveed Qamar informed that the benefit to each
employee would range from Rs.270, 000 (1 x 3000 shares x Rs.90.00 per share)
to Rs.5, 400,000 (20 x 3,000 shares x Rs.90.00) in accordance with the length
of service Based on the dividend paid last year the employees will
additionally benefit from dividends ranging from Rs.14, 250 (3000 shares x
Rs.4.75 per share) to Rs.285, 000 (60000 shares x Rs.4.75 per share) each.
OGDCL was established as a Statutory Corporation in 1961 and made
self-financing in July 1989. The company was incorporated as a Public Limited
Company in October 1997. OGDCL’s Initial Public Offering (IPO) of 5% shares
was conducted in November 2003 while Secondary Public Offering (SPO) of 0.5%
shares was held in April 2007. The Global Depositary Receipt (GDR) with 0.5%
shares of OGDCL was conducted in December 2006 with it’s listing on London
Stock Exchange in December 2006. After 12% shares i.e. (438 million shares) to
the employees the GoP share holding in OGDCL would come to 73 %.
The Minister stated that the shares being offered to the employees would be
buyback from them while leaving the service or in case of death of the
employee the legal heirs would get the amount. The scheme would create a sense
of ownership among the workers and they would do more drilling and
discoveries, which would directly benefit the entity, government and the
workers in the future. The necessity to implement BESOS in the loss making
units was of much importance to make such entities profitable, he added.
Syed Naveed Qamar Federal Minister for Petroleum, Natural resources &
Privatisation further stated that the government was making all out efforts to
resolve the problems and issues of the workers. We were in the process of
reinstating the sacked employees, restoring Trade Union activities and
repealing the anti workers laws, he said.
He said that we were going ahead aggressively to implement BESOS in the SOEs
with great momentum to make workers as partners in the future of Pakistan. The
BESOS is being implemented by the Privatisation Commission in coordination
with the line Ministry / holding corporation / respective SOE. Corporatization
of the SOEs established under Special Act / Ordinance will also be taken up
soon by the Privatisation Commission in-coordination with the Line Ministries.
A cell will be created in the Privatisation Commission for the purpose.