Rs 2.15 billion disbursed as dividend under BESOS

Under Benazir Employees Stock Option Scheme (BESOS), the Privatisation Commission disbursed an amount of Rs 2.15 billion as dividend and another Rs 1.1 billion on account of buy-back claims by employees. According to Pakistan Economic Survey 2010-11 released on Thursday, Rs 2.15 billion was distributed among employees and workers of OGDCL, PPL, Mari Gas, PNSC, LCDL, NICL and NPCC.
In addition, Rs 1.1 billion was paid on account of buy-back claims against surrendered unit certificates of 211 employees of OGDCL, PPL and PNSC. It is expected that PC would be able to fully implement the scheme in all 80 entities during the period of 2011-12.
The BESOS, approved by the Cabinet for implementation, envisages free of cost transfer of 12 percent GOP shares in State Owned Enterprises (SOEs) to the employees/workers Trusts with a seat in the Board of Directors of each SOE. The Trusts will receive dividend, out of which 50 percent will be used to pay buy-back claims of shares and 50 percent will distributed to the employees of SOEs.
The government has so far registered Trusts in 59 SOEs and distributed unit certificates in 37 SOEs benefiting 95,100 employees and workers.