ISLAMABAD - The Cabinet Committee on Privatisation (CCOP) on Friday allowed the Privatisation Commission for the sale of minimum 88 per cent governments shares in National Power Construction Corporation (NPCC) and disinvestment of minimum 96 per cent governments shares in Heavy Electric Complex (HEC) together with management control. The Cabinet Committee on Privatisation (CCOP) that met with Federal Minister for Finance and Economic Affairs Dr. Abdul Hafeez Shaikh in the chair has approved the privatisation of 'Transaction Structure of National Power Construction Corporation and 'Transaction Structure of Heavy Electrical Complex. There have been three items on agenda for in which two of them were approved and third one Benazir Employees Stock Option Scheme (BESOS) was discussed in detail. After due deliberation on this scheme, the CCOP approved two out of five recommendations made by Privatisation Commission whereby Finance Division is to release Rs.10 million on annual basis for BESOS and Rs 1.00 billion demanded on actual basis to pay the buyback claims in hand. The CCOP also agreed to the PC proposal and directed PPL Employees Empowerment Trust (PPLEET) to surrender bonus shares received by the entity-based trust to the PC. The PC explained before the CCOP that under Benazir Employees Stock Option Scheme (BESOS), 50 per cent cash dividend is distributed among employees who receive free of cost unit certificates while shares are retained by the respective Trusts. Remaining 50 per cent dividend is transferred to the Central Revolving Fund for subsequent payment of buy-back claims. The Scheme, as such, envisages 50 per cent cash dividend distribution to employees and not distribution of 50 per cent shares (including bonus shares) to them. The CCOP constituted a sub-committee headed by the Federal Minister for Privatisation to further look into the details of the remaining three to four recommendations made by Privatisation Commission. The two projects that were approved for Privatisation have been the Heavy Electric Complex (HEC) and National Power Construction Corporation (NPCC). HEC is one of the industrial units of State Engineering Corporation (SEC) engaged in the manufacturing of power transformers of different types with primary voltage rating of 66 and 132 KV. In addition, the HEC undertakes repair and refurbishment of old and damaged power transforms up to 500 KV. It was incorporated as a private limited company in 1991 and commenced full-scale commercial operation in 1997. HEC is included in the privatisation programme since 2005. It is located in Hattar Industrial Estate about 65 km from countrys capital Islamabad and is spread over an area of 72.489 acres with six main manufacturing shops namely Machine shop, Winding shop, insulation shop, Core shop, Fabrication shop and Assembly shop. In addition HEC has an oil purification shop, high voltage test laboratory equipped with 250 tonnes overhead travelling crane. Minister for Privatization, Chairman Board of Investment, Secretary Cabinet Division, Dy. Chairman Planning Commission, Finance Secretary and other high officials were present in the meeting.