The Board of Directors of Pakistan Telecommunication Company Limited (PTCL) has appointed Captain Muhammad Mahmood (retd) as the new chairman.

The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

“We wish to inform you that Mr. Hassan Nasir Jamy, chairman has/have ceased to be the chairman of the company w.e.f April 1, 2024, and Capt. Muhammad Mahmood (retd) has/have been appointed as chairman,” read the notice.

As per the PTCL’s latest financial results, the company posted 15.4% growth in its revenue, owing to its strong performance in both retail and business segments, whereas Ufone achieved 25.6% growth in its revenue. The Group’s subsidiary, U Microfinance Bank, maintained strong momentum and posted 76.5% revenue growth during 2023.

Last month, it was reported that the Competition Commission of Pakistan (CCP) is still awaiting the submission of crucial information by the PTCL regarding its proposed acquisition of 100% shareholding in Telenor Pakistan.

Details revealed that the PTCL’s intention to acquire 100% shareholding in Telenor Pakistan and Orion Towers Private Limited is a significant development in the telecom industry.

The CCP received PTCL’s pre-merger application on February 29, 2024, initially submitted with an incorrect fee. The outstanding fee was later remitted to the Commission on March 6, 2024.