Islamabad, 23 August 2024 (TDI): Azfar Manzoor will now serve as the company’s chairman, according to Pakistan Telecommunication Company Limited (PTCL).
The Pakistan Stock Exchange (PSX) received notice of the development from the listed company on Thursday.
“This is to notify you that Capt. Muhammad Mahmood (retd.) has been replaced as chairman by Azfar Manzoor as of August 22, 2024,” read the notice.
It is important to note that in April of this year, Capt. Mahmood (retd) was chosen to serve as the PTCL chairman.
As part of its acquisition of Telenor Pakistan and Orion Towers (Private) Limited (TPL), PTCL obtained debt funding of up to $400 million earlier in June from the International Finance Corporation (IFC), a World Bank member.
The IFC-led consortium, which consists of Silk Road Fund (SRF) and British International Investment (BII), and PTCL had announced that on June 27, 2024, they had entered into financing agreements for a period of seven years, with an additional year of grace.
The purpose of the agreements was to finance the acquisition of Telenor Pakistan and Orion Towers (Private) Limited.
Also read: PTCL, Huawei launch Smart Solutions
PTCL is a Pakistani company that was incorporated on December 31, 1995, that offers telecom services.
Throughout Pakistan, the corporation owns and runs telecommunications infrastructure and offers local and international phone services in addition to other communication services.
Ufone, a mobile provider with more than 20 million users in Pakistan, is one of PTCL’s principal assets. Under a deal with the Pakistani government, which owns the majority holding, Etisalat, with a sizeable minority stake, runs it.
Recent financial results show that the robust performance in the consumer segment was the primary driver of the 25.8% YoY rise in revenue to Rs190.6 billion for the PTCL Group.
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