ISLAMABAD - Federal Minister for Privatisation, Petroleum and Natural Resources, Syed Naveed Qamar, has asked workers to take good care of public sector companies, as they have been made owners of state-owned entities under Benazir Employees Stock Option Scheme (BESOS). Addressing the unit certificate distribution ceremony at OGDCL Headquarters here on Wednesday, the minister remarked, None other than owners take good care of their assets. The responsibilities of workers have increased manifolds and BESOS has been introduced in state-owned entities to make these units profitable and efficient. He recalled that the spirit behind nationalisation of Shaheed Zulfikar Ali Bhutto was to benefit the workers and not the owners, while the philosophy and manifesto of Shaheed Mohtarma Benazir Bhutto was not only to ensure the legitimate rights of workers but also to make them owners of these entities. Soon after taking oath of the office of the President of Pakistan, Asif Ali Zardari issued instructions to implement BESOS in letter and spirit, he added. Elucidating the salient features of BESOS, Ahmed Jawad, Secretary Privatisation, said that 80 units had been identified for the scheme, which included 16 listed and 33 non-listed public sector entities, 17 private companies and 14 such institutions, which were established under special acts or ordinances. After Heavy Mechanical Complex (HMC), OGDCL is the second unit where this scheme has been launched by giving free of cost 12 per cent shares i.e. (438 million shares worth Rs 36 billion) to the employees, which will benefit almost 10,576 employees of the company. The OGDCL employees would form a trust and three representatives each from employees and the government would be nominated in it and employees would also have representation in the board of directors of OGDCL. The benefit to each employee would range from Rs 270,000 (1 X 3000 shares X Rs 90 per share) to Rs 5,400,000 (20 X 3,000 shares X Rs 90) in accordance with the length of service based on the dividend paid last year and the employees will additionally benefit from dividends ranging from Rs 14,250 (3000 shares X Rs 4.75 per share) to Rs 285,000 (60000 shares X 4.75 per share) each. OGDCL was established as a statutory corporation in 1961 and made self-financing in July 1989. The company was incorporated as a public limited company in October 1997. OGDCLs Initial Public Offering (IPO) of 5 per cent shares was conducted in November 2003 while Secondary Public Offering (SPO) of 0.5 per cent shares was held in April 2007. The Global Depositary Receipt (GDR) with 0.5 per cent shares of OGDCL was conducted in December 2006 with its listing on London Stock Exchange in December 2006. After 12pc shares i.e. 438 million shares awarded to the employees, the GoP share holding in OGDCL would come to 73pc. The shares being offered to the employees would be bought back from them when they would leave the service or in case of their deaths, the legal heirs would get the value of units.