PTCL to invest Rs l.2 bn
ISLAMABAD. April 19: Pakistan Telecommunication Company Limited (PTCL) has decided to invest Rs 1.2 billion in four of its subsidiaries.
This decision was taken at an extraordinary general meeting of PTCL’ S shareholders Presided over by its chairmen Nasim Mirza here on Monday.
The four subsidiaries of PTCL namely Pak Telecom Mobile Limited (PTML), Paknet Limited, Telephone Industries of Pakistan (TIP) and ICO Pakistan Limited have been allowed to invest Rs 1 billion, 50 million, 100 million and 100 million respectively.
PTCL has been authorized to invest an aggregate of funds approved by the shareholders in cash or kind for raising their assets and promotional expanses.
With the approval of these investments, Paknet Limited will take over the operations of PTCL’s Data and Internet Services for its customers. It will also result in the subsidiary meeting the challenges and international trends of new technologies.
By keeping an arms length relationship with PTCL and by maintaining separate set of accounts, it will also enable Paknet Limited to evaluate the performance of its Data and Internet Services.
Keeping in view the long outstanding public demand, PTCL, has set up Pak Telecom Mobile Limited (PTML), a 100% subsidiary, to operate a cellular phone service in Pakistan in competition with other three private operators.
As the mobile business has a big growth potential and the world telecommunications is gearing up towards wireless telecommunications, the investment of Rs 1.2 billion will further diversify the earnings of the PTCL.
PTCL already holds 60.9% of TIP. The further investment of Rs 100 million and a proportionate amount by Siemens will provide this subsidiary as additional capital, aimed at improving its manufacturing capability to meet the present day technological to requirements and demands.
ICO Global communications is one of the three major Global Mobile Personal Communications via Satellite (GMPCS). The total investment of Rs 100 million by PTCL in the company will further &enable ICO in building a subscribers base in the field of tilling, collection, marketing, distribution, customer care and support.
The meeting discussed in detail different items concerning PTCL’s investment and activities. The PTCL Chairman, Naseem S. Mirza replied to each and every query to the satisfaction of the shareholders.
The shareholders hoped that the company would further prosper by adopting such investment measures, which would ultimately strengthen the economic base of the country
Source: Dawn
Date:4/20/1999
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