THIS is with reference to the article ‘Who owns Ufone?’ (B&F, Feb 24). The Pak Telecom Mobile Ltd (PTML) is a wholly owned subsidiary of Pakistan Telecom-munication Company Limited (PTCL). The federal government owns 62 per cent of PTCL’s shares, while 26pc B-class shares, along with management control, were handed over to Etisalat (now e&) in 2006 as part of privatisation. The remaining shares were floated on the Pakistan Stock Exchange (PSX).

PTCL is not a state-owned company, but rather a privatised entity with government shareholding. Its quarterly and annual accounts, including those of its subsidiaries, are regularly reported to the PSX and the Securities and Exchange Commission of Pakistan (SECP).

Besides, Azfar Manzoor, Special Sec-etary of the Ministry of Information Technology and Telecommunication, is a member of the PTML board after he was appointed in December 2024. Such appointments are made at the discretion of the shareholders, and the PTML is not obligated to announce these changes on the PSX as it is not a listed company.

PTCL spokesperson
Islamabad

Published in Dawn, March 5th, 2025