PC CLARIFIES NEWS REPORT ON “12% SHARES TO EMPLOYEES UNDER BESOS”
 

Islamabad, July 18, 2011

Referring to a news item carried by daily “Business Recorder”, Islamabad in its issue dated 14th July, 2011 titled “ PC REFUSES TO GIVE SOES’ 12% SHARES TO EMPLOYEES”, a spokesman of the Privatisation Commission (PC) while refuting the contents of news item clarified that Privatisation Commission never refused to transfer 12% shares to any Employees Empowerment Trust (EET) formed for a SOE under Benazir Employees Stock Option Scheme (BESOS). Privatisation Commission was entrusted the task to implement BESOS in 80 State Owned Entities (SOEs) in 2009. The scheme includes major entities like OGDCL, PPL, and PSO etc. So far out of 80 SOEs, EET for 64 SOEs have been registered and Unit Certificates in 47 SOEs have been distributed. Pakistan Petroleum Limited (PPL) was 3rd SOE where Privatisation Commission implemented BESOS and the 12% shares were transferred to the employees, PC Spokesman said.

The spokesman further clarified that the matter of bonus shares was presented to Cabinet Committee on Privatisation (CCOP), which directed the transfer of bonus shares to EET adding that financial impact of bonus shares to bring in the next meeting. The matter was brought up by PC before the CCOP in its meeting 17-06-2011 but could not come for discussion. The summary will now be put up in the next upcoming CCOP meeting, the spokesman concluded.