ISLAMABAD : The Oil and Gas Development Company (OGDCL) has canceled unit certificates of Benazir Employees Stock Option Scheme (BESOS) of its employees with immediate effect.
The Company, in a circular issued on April 30, 2025 said that the Supreme court of Pakistan in its decision of October 22, 2020 declared the BESOS scheme to have been executed in breach of Article 154 of the constitution of Islamic Republic of Pakistan, 1973 therefore, all subsequent actions including the creation and functioning of OGDCL Employees Empowerment Trust, the issuance of the unit certificates and the certificates and all other ancillary actions thereof are void. Consequently, the unit certificates issued are deemed to be cancelled being void and of no legal effect.
In view thereof, it is circulated for the information of all employees that unit certificates issued to them stands cancelled ab- initio. The process of obtaining original unit certificates at the time of retirement is discontinued forthwith.
In another announcement, OGDCL has stated that its Board of Directors in its meeting held on April 29, 2025 at 17:00 hours at Islamabad has approved an Interim cash dividend for the quarter ended March 31, 2025 @ Rs 3.00 per share i.e. 30 percent. This is in addition to interim dividend already paid @ Rs 7.05 per share i.e . 70.5 percent.
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on May 12, 2025. The Share Transfer Books of the Company will be closed from May 13, 2025 to May 15, 2025 (both days inclusive). Transfers received at the CDC Share Registrar Services Limited, CDC House, 99-B, Block ‘B’, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi-74400 at the close of business on, May 12, 2025 will be treated in time for the purpose of above entitlement to the transferees. Ends
