PTCL plans to invest in its subsidiaries
KARACHI, April 6: Pakistan Telecommunication Company Limited has proposed to invest Rs l.250 billion in its subsidiaries Pak Telecom Mobile Limited, Paknet Limited, Telephone industries of Pakistan Limited and ICO Pakistan Limited.
The PTCL has proposed to invest one billion rupees in Pak Telecom Mobile Limited, Rs 50 million in Paknet Limited, Rs l00 million in TIP Limited and Rs l00 million in Pakistan Telecommunication Company.
The proposed investment by the PTCL in its subsidiaries will be subject to the approval of the annual general body meeting of the company, which is scheduled to be held on April 19 in Islamabad.
The proposed investment is being considered in view of major competition and to meet the challenges of new technologies.
The establishment of Paknet will be a step in line with the emerging international trends. Information technology and internet services around the world are growing at unprecedented rate of 40 per to 50 percent.
Source: Dawn
Date:4/7/1999
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