Pakistan – Islamabad | HBL employees to get shares under stock option scheme – The Express - The Express Tribune, 2010 June 10

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

Waqar directed Privatisation Commission officials to speed up the
process of transferring 12 per cent shares to the employees and hold a
meeting with the State Bank of Pakistan and the Finance Division to
settle issues.

BESOS has become a reality after it started delivering results in
shape of dividends to those employees who have received shares of their
enterprises, he said.

The minister said that it was for the employees to work hard and make
their companies more profitable to get due dividends, which would also
help in the progress and improvement of national economy.

So far, 62,000 employees of 16 state-owned units have received 12 per
cent shares free of cost of their respective enterprises under the
BESOS.

Dividend amounting to Rs984 million of four organisations – Oil and
Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited
(PPL), Pakistan State Oil (PSO) and Mari Gas Limited (MGL) – have been
distributed among the employees.

The remaining 50 per cent dividend worth Rs889 million has been
deposited in the Privatisation Central Revolving Fund for future
utilisation.

To implement BESOS, the Privatisation Commission has registered 35
BESOS Trusts in different enterprises.

Published in the Express Tribune, June 10^th, 2010.