PTCL Appoints New Chairman

PTCL Appoints New Chairman: Captain Muhammad Mahmood (retd)

PTCL Appoints New Chairman: Captain Muhammad Mahmood (retd)

The Pakistan Telecommunication Company Limited (PTCL) announced the appointment of Captain Muhammad Mahmood (retd) as its new chairman, effective April 1, 2024. This announcement came following the cessation of Mr. Hassan Nasir Jamy as chairman, as disclosed in a notice to the Pakistan Stock Exchange (PSX).

Financial Performance and Growth Trends

PTCL reported a notable 15.4% growth in revenue, driven by robust performances in both retail and business segments. Ufone, a subsidiary of PTCL, achieved a remarkable 25.6% growth in revenue, while U Microfinance Bank, another subsidiary, witnessed an impressive 76.5% revenue growth in 2023.

Telecom Industry Development

In a significant development within the telecom industry, the Competition Commission of Pakistan (CCP) awaits crucial information from PTCL regarding its proposed acquisition of 100% shareholding in Telenor Pakistan and Orion Towers Private Limited. This move underscores PTCL’s strategic maneuvers in the evolving telecommunications landscape. #PTCL #Appointed #Chairman