Bangchak introduces country's second EJIP

       Bangchak Petroleum kicked off its Employee Joint Investment Programme (EJIP) this month, aiming to create a strong bond between the organisation and employees.
       President Anusorn Sangnimnuan said late last week that the Securities and Exchange Commission had already approved the programme.
       The move follows that by CP All, the 7-11 convenience store operator, which was the first listed company joining the EJIP plan, which has Phillips Securities (Thailand) as its operator.
       The Bangchak programme encourages and supports employees and the management to invest in the company's stocks as a mean to provide a return to both parties.
       The two-year programme ends in September 2011, and employees can join on a voluntary basis.
       Under the scheme, the company will deduct a maximum of 5 per cent from the monthly salary of programme members every month in order to create the fund.
       It will also contribute to the fund at the rate of 7.5 per cent of the salary of each programme member per month.
       The fund will be used to buy Bangchak stock or BCP-DR1 warrants, with the right to convert to Bangchak shares, in the stock exchange on the determined date every month.
       Programme members can sell the company's shares directly in the stock market when the programme is six months old on March 31, 2010, but the shares to be sold must not exceed the amount they purchase during the first six months.
       When the programme period reaches 18 months on March 31, 2011, they can sell shares at the amount they have purchased during the first 12 months of the scheme - and all their shares when the programme ends.
       Anusorn said Bangchak would launch a second EJIP if the first programme proved successful.
       Bangchak shares closed at Bt14 on Friday, up 0.72 per cent from the previous day.