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The empowerment of the workers of State Owned Entities (SOEs) under Benazir
Employees Stock Option Scheme (BESOS) is receiving encouraging response from
the employees. Syed Naveed Qamar Federal Minister for Privatisation, Petroleum
& Natural Resources stated while addressing a meeting of the members of the
Privatisation Commission (PC) Board here today.
The Minister said that the scheme would usher a new era of workers revolution
that were being given free of cost 12 % of the GoP shares in the SOEs and the
entities already privatised. It will ensure the improvement in efficiency,
quality and production, which will increase the value and profit of the
company. The BESOS has become the hallmark of the government’s workers
friendly policies, he said.
Syed Naveed Qamar lauded the efforts made by the officials of the
Privatisation Commission for the effective implementation of BESOS in the
shortest possible time.
Under BESOS so far 12 % of GOP shares in Heavy Mechanical Complex (HMC) and
Oil & Gas Development Company Limited (OGDCL) have been distributed among all
the employees of these entities. In OGDCL 438 million shares worth Rs. 36
billion were distributed among the employees free of cost, which will benefit
about 10,576 employees of this unit from the scheme.
The 80 SOEs identified for the scheme include 16 listed and 33 unlisted public
companies, 17 private companies and 14 SOEs established under special Act/
Ordinance.
Some of the companies include 1 Pakistan Petroleum Limited, 2. Oil and Gas
Development Company Ltd. 3. Pakistan State Oil Company Limited 4. Habib Bank
Limited 5. Pakistan Reinsurance Company Limited 6. Karachi Electric Supply
Company Limited 7. Pakistan Telecommunication Company Limited 8. Sui Northern
Gas Pipelines Limited 9. Mari Gas Company Limited 10. Sui Southern Gas
Pipelines Limited 11. Pakistan Engineering Company Limited 12. Pakistan
International Airline Corporation 13. United Bank Limited 14. Pakistan
National Shipping Corporation 15. National Bank of Pakistan 16 Kot Addu Power
Company Limited.
The PC board also approved the appointment of Merrill Lynch as the Financial
Advisor for Jamshoro Power Company, a leasing transaction.