HBL EMPLOYEES TO GET SHARES UNDER BESOS-Senator Waqar
 

Islamabad, June 09, 2010

A delegation of Habib Bank Limited (HBL) Officers Federation of Pakistan called on Senator Waqar Ahmed Khan Federal Minister for Privatisation here today to discuss the implementation of Benazir Employees Stock Option Scheme (BESOS) in HBL.

Senator Waqar directed the Privatisation Commission officials to speed up the process and hold a meeting with the State Bank of Pakistan and Finance Division to settle issues pertaining to the disbursement of shares to BESOS Trust. BESOS has become a reality after it has started delivering results in the shape of dividends to those employees who have so far received shares of their own entities, he said.

The Minister further said that it was for the employees of the respective entities to work hard and make their entities more profitable to get due dividends, which would also help in the progress and improvement of our national economy. So far 62000 employees of 16 State Owned Entities have received free of cost 12 % GoP shares of their respective entities under BESOS while dividend amounting to Rs.984 million of four entities i.e. Oil & Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO) and Mari Gas Limited (MGL) have been distributed among the employees, remaining 50 % dividend amounting to Rs.889 million has been deposited in Privatisation Central Revolving Fund. To implement BESOS the Privatisation Commission has registered 35 BESOS Trusts in the respective entities.

The HBL Officers Federation of Pakistan thanked the Minister for giving patience hearing and taking personal interest in resolving the issues pertaining to the distribution of HBL unit certificates under BESOS.