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64 Benazir Employees Stock Option Scheme Trusts Registered to Benefit 306,473 Workers of State Owned Entities

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Islamabad: The Privatisation Commission (PC) has registered Benazir Employees Stock Option Scheme (BESOS) Trusts in 64 State Owned Entities (SoEs), which will benefit 306,473 workers. The Advisors M. Yousuf Adil Saleem and Company (MYASCO) in a joint presentation informed to the Federal Minister for Privatisation Mr. Ghous Bux Khan Mahar and the Minister of State for Privatisation Rana Asif Tauseef here today.

Mr. Ghous Bux Khan Mahar Federal Minister for Privatisation directed to devise mechanism to evaluate the improvement and performance difference after the introduction of scheme in SoEs. Efforts were also needed to accelerate the pace of the implementation of BESOS in the remaining entities, he said.

Rana Asif Tauseef Minister of State for Privatisation said that the empowerment of workers through BESOS could turnaround the loss making units into profit making units. The benefits of such scheme, which was for all and beyond all affiliations, required awareness among the workers at large scale, he said.

Rana Asif Tauseef further stated that PML-Q and PPP leadership have common agenda of safeguarding the interests of the workers by transmitting the dividend share among the workers of the respective entities, which would create a sense of ownership and would further improve and enhance the performance and the production for national economic growth.

Reviewing the implementation status of BESOS, the Ministers were informed that unit certificate of 40 entities have been distributed among 107,244 workers while the unit certificates of 24 entities were under finalization process to benefit more 199,229 workers.

Pakistan Security and Printing Corporation and Sind Engineering Limited have been de-listed from BESOS scheme and more five entities i.e. SML, PECO, HDIP, PEPSO and NLC are under consideration for de-listing while establishment of BESOS Trust in 9 entities is under process.

The meeting was informed that 50 % dividend amounting to Rs.2,382 million has been received in Central Revolving Fund of BESOS from 10 entities and 50 % dividend amounting to Rs.2,382 million has been distributed among 16,701 workers. Buyback claims of Rs.3,015 million of 489 workers from 5 entities have been received and claims amounting to Rs.1,064 million have been paid to 211 workers while remaining claims of Rs.1,951 million are in the process of verification.

For more information, contact:
Privatisation Commission
5-A EAC Building Constitution Avenue,
Islamabad- Pakistan
Tel: +9251 920 5146 -47
Fax: +9251 920 3076


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