Pakistan Telecommunication Company Limited (PTCL) has announced the appointment of Captain Muhammad Mahmood (retd) as its new chairman. The telecom giant disclosed this significant development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
In the notice, PTCL informed shareholders that Mr. Hassan Nasir Jamy has ceased to hold the position of chairman effective April 1, 2024. Concurrently, Captain Muhammad Mahmood (retd) has been appointed as the new chairman of the company.
PTCL’s latest financial results underscore its robust performance, with a 15.4% growth in revenue attributed to strong performances in both the retail and business segments. Additionally, its subsidiary, Ufone, recorded a notable 25.6% growth in revenue, demonstrating sustained momentum in the telecommunications sector.
Amidst these developments, PTCL’s proposed acquisition of 100% shareholding in Telenor Pakistan has garnered significant attention. The Competition Commission of Pakistan (CCP) is closely monitoring the situation, awaiting crucial information from PTCL regarding the acquisition.
PTCL submitted its pre-merger application to the CCP on February 29, 2024, albeit with an initial error in the fee submission. However, the outstanding fee was rectified and remitted to the Commission on March 6, 2024.
The appointment of Captain Muhammad Mahmood (retd) as chairman signifies PTCL’s commitment to navigating the evolving telecommunications landscape. With his leadership and experience, PTCL aims to continue its trajectory of growth and innovation, delivering value to shareholders and stakeholders alike.
