Azfar Manzoor has been appointed as the new Chairman of the Pakistan Telecommunication Company Limited (PTCL), the telecom regulator said in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
Captain (Retd.) Muhammad Mahmood has stepped down as PTCL chairman amid management changes, read the notice.
Manzoor’s appointment will be effect from August 22, 2024.
“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),” the notice further said.
The reconstituted Board of Directors now includes Mr. Azfar Manzoor as Chairman, alongside seven other members: Mr. Abdulrahim A. Al Nooryani, Mr. Ahad Khan Cheema, Mr. Imdad Ullah Bosal, Mr. Jawad Paul Khawaja, Dr. Mohamed Karim Bennis, Ms. Brooke Marie Lindsay, and Mr. Khaled Hegazy.
Established on December 31, 1995, PTCL is a key player in Pakistan’s telecommunications sector, offering domestic and international telephone services, along with various other communication facilities across the country.
In June, PTCL secured debt financing of up to $400 million from the International Finance Corporation (IFC), a World Bank affiliate. The funds are designated for PTCL’s acquisition of Telenor Pakistan and Orion Towers (Private) Limited (TPL). The deal supports PTCL’s strategic acquisitions aimed at expanding its telecommunications footprint in Pakistan.
Among its major assets is Ufone, a mobile operator serving over 20 million customers in Pakistan. The company operates under the majority ownership of the government of Pakistan, with Etisalat holding a significant minority stake under a management agreement.
