Pakistan Telecommunication Company Limited (PTCL) has announced the appointment of Azfar Manzoor as the new Chairman of the company, effective from 22nd August 2024. This leadership change was formally communicated through a notice to the Pakistan Stock Exchange (PSX) on Thursday.
Azfar Manzoor succeeds Capt. Muhammad Mahmood (retd), who was elected as PTCL’s Chairman in April this year. The transition marks a significant step in PTCL’s ongoing efforts to enhance its strategic direction and operational effectiveness.
In recent months, PTCL has been actively pursuing growth opportunities, including securing substantial financing to support key acquisitions. In June 2024, the company obtained debt financing of up to $400 million from the International Finance Corporation (IFC), a member of the World Bank, to facilitate the acquisition of Telenor Pakistan and Orion Towers (Private) Limited (TPL). This financing agreement, spanning seven years with a one-year grace period, was led by an IFC consortium, which also includes the Silk Road Fund (SRF) and British International Investment (BII).
PTCL, incorporated on 31st December 1995, is a leading provider of telecommunication services in Pakistan. The company operates an extensive network of telecommunication facilities, offering both domestic and international telephone services, alongside other communication solutions throughout the country. PTCL’s portfolio includes Ufone, a mobile operator with over 20 million customers. Etisalat holds a significant minority stake in PTCL, managing it in collaboration with the government of Pakistan, which retains the majority ownership.
The company’s latest financial results highlight robust performance, with PTCL Group’s revenue rising by 25.8% year-on-year to Rs190.6 billion, driven largely by strong gains in the consumer segment.
The appointment of Azfar Manzoor as Chairman is expected to further solidify PTCL’s strategic initiatives as the company continues to expand its footprint and strengthen its position within Pakistan’s telecommunications sector.
