HBL UNION DELEGATION MEETS PRIVATISATION MINISTER
 

Islamabad, January 13, 2010

Our leadership is committed to serve the people as the democratic government of PPP is by the people and for the people. Senator Waqar Ahmed Khan Federal Minister for Privatisation stated during a meeting with the 15-member delegation of Habib Bank Limited (HBL) Officers Welfare Association led by its President Mr. Muhammad Saeed Khan here today.

The Minister assured the delegation that all efforts were being made to implement Benazir Employees Stock Option Scheme (BESOS) to transfer the benefit of the scheme to the workers of State Owned Entities and those privatised units where government holds shares. 12 % of the GoP shares were being distributed among the workers free of cost, he said.

He added that around 500,000 workers of 80 Units would get benefit worth above Rs.100 billion and in addition they would also get divided on the their unit certificates. So far 15 BESOS Trusts have been constituted and rest were in the progress and the employees representation on the Board of directors would empower them to have their say in the decision making of their respective units, he added.

Under BESOS so far 22,745 employees have been given shares certificates (12 % of GOP shares) in five entities namely Heavy Mechanical Complex (HMC), Oil & Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Sui Northern Gas Pipeline Limited (SNGPL) and Pakistan State Oil (PSO). Soon unit certificates of PIA, NPCC and NESPAK will be distributed in a ceremony at Lahore.