Govt shareholding in Pakistan Petroleum Limited rises to 74.86% after transfer of BESOS trust shares

The Government of Pakistan’s direct shareholding in Pakistan Petroleum Limited has increased to 74.86% after the transfer of shares held by the PPL Employees Empowerment Trust back to the government.

According to a notice submitted to the Pakistan Stock Exchange on Wednesday, the transfer covers 200,057,318 ordinary shares of PPL.

The shares were held by the PPL Employees Empowerment Trust, which was formed under the Benazir Employees Stock Option Scheme.

PPL said the transfer was made pursuant to the decision of the Supreme Court of Pakistan in C.A No. 421 to 423 of 2018, C.A No. 19-K of 2019 and CP No. 852 of 2018.

Following the transfer, the Government of Pakistan’s direct shareholding in the company has increased from 67.51% to 74.86%.

Pakistan Petroleum Limited was incorporated in Pakistan in 1950 with the main objectives of conducting exploration, prospecting, development and production of oil and natural gas resources.