Pakistan Telecommunication Company Limited (PTCL) has appointed Azfar Manzoor as the new chairman of the company.

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

“We have to inform you that Azfar Manzoor has been appointed as chairman with effect from 2024-08-22 in place of Capt. Muhammad Mahmood (retd),” read the notice.

It is pertinent to mention that Capt Mahmood (retd) was elected as PTCL chairman in April this year.

Earlier in June, PTCL secured debt financing of up to $400 million from the International Finance Corporation (IFC), a member of the World Bank, for the acquisition of Telenor Pakistan and Orion Towers (Private) Limited (TPL).

PTCL had said that it entered into seven years with one year grace period financing agreements with the IFC-led consortium, which includes Silk Road Fund (SRF) and British International Investment (BII) on 27th June, 2024 for the purposes of financing the acquisition of Telenor Pakistan and Orion Towers (Private) Limited.

Incorporated in Pakistan on December 31, 1995, PTCL provides telecommunication services in Pakistan.

The company owns and operates telecommunication facilities and provides domestic and international telephone services and other communication facilities throughout Pakistan.

PTCL’s major assets include Ufone, a mobile operator in Pakistan with over 20 million customers. Etisalat, with a significant minority stake, runs it under an agreement with the government of Pakistan, which has the majority stake.

As per the company’s latest financial results, PTCL Group’s revenue increased by 25.8% YoY to Rs190.6 billion, mainly driven by strong performance in the consumer segment.