Five more trusts registered
These companies include Overseas Employment Corporation, National Bank of Pakistan, Industrial Development Bank of Pakistan, Northern Power Generation Company and Faisalabad Electric Supply Company.
After the establishment and registration of five new Besos trusts for the disbursement of 12 per cent government shares and dividend to employees, the Privatisation Commission has so far registered 53 trusts, which will benefit more than 200,000 workers.
Under Besos, 500,000 workers of more than 77 companies will receive share certificates free of charge.
So far, the government has distributed 12 per cent shares of 27 state-run companies among 69,644 employees. The scheme was launched on August 14, 2009 with the objective of empowering workers of state-run units through grant of share certificates.
It was also aimed at ensuring the participation of employees in decision-making by having one of their nominees on the board of these companies.
The employees are also eligible to get regular dividend against their unit certificates.
According to the Privatisation Commission, the constitution of Besos trust in the Pakistan Steel Mills and Pakistan Steel Fabrication is near completion and work on trusts in the remaining organisations is also under way.
Published in The Express Tribune, November 26th, 2010.
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