The Pakistan Telecommunication Company Limited (PTCL) Board of Directors has named retired Captain Muhammad Mahmood as its new chairman, as stated in a notice to the Pakistan Stock Exchange (PSX) on Monday.

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

According to PTCL’s latest financial results, the company saw a 15.4% growth in revenue, driven by strong performance in both retail and business segments. Ufone, a subsidiary, recorded a 25.6% growth in revenue, while U Microfinance Bank, another group subsidiary, demonstrated robust momentum with a 76.5% revenue increase in 2023.

Reports from last month indicated that the Competition Commission of Pakistan (CCP) is still awaiting crucial information from PTCL regarding its proposed acquisition of 100% of Telenor Pakistan.

The intention of PTCL to acquire 100% shareholding in Telenor Pakistan and Orion Towers Private Limited marks a significant development in the telecom industry.

PTCL submitted its pre-merger application to the CCP on February 29, 2024, initially with an incorrect fee. The outstanding fee was subsequently paid to the Commission on March 6, 2024.

Captain Muhammad Mahmood brings a wealth of administrative experience garnered from his extensive career in public service. Having served in various capacities, including as a government servant in Grade 19, a BS-21 officer in PAS, and Commissioner of Rawalpindi Division, and as additional secretary within divisions such as Petroleum, National Food Security and Research, and IT and Telecommunication.

Mahmood’s tenure begins amidst controversy, with his name embroiled in the Rawalpindi ring road corruption scandal, currently under investigation by the Punjab Anti-Corruption Department.