The federal government’s shareholding in Pakistan Petroleum Limited (PPL) has increased to 74.86 percent following the transfer of more than 200 million shares under a Supreme Court order.
200,057,318 ordinary shares previously held by the PPL Employees Empowerment Trust under the Benazir Employees Stock Option Scheme (BESOS) have been transferred back to the federal government.
As a result, the government’s direct stake in PPL has risen from 67.51% to 74.86 percent.
The BESOS program initially granted shares to eligible permanent and contractual employees of selected state-owned enterprises and companies in which the government held a significant interest, subject to a five-year vesting period.
However, in October 2020, the Supreme Court ruled that the scheme had been implemented in violation of Article 154 of the Constitution and ordered that all shares and funds allocated under BESOS be returned to the Federal Consolidated Fund.
The latest transfer implements that ruling and further increases the federal government’s ownership in PPL.
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