PTCL to invest Rs 150 m in Paknet -Pakistan Press Foundation (PPF)

Paksitan Press Foundtion

PTCL to invest Rs 150 m in Paknet

ISLAMABAD- Pakistan Telecommunication Company Limited has decided to invest an aggregate sum of Rs 150 million in 15 million ordinary shares of Rs 10 each in Paknet Limited, a wholly owned subsidiary of the Company.

The decision was taken at the 6th annual general meeting of the Pakistan Telecommunication Company Limited held chaired by Akhtar Ahmed Bajwa, Chairman PTCL.

The meeting discussed at length the accounts of PTCL for the year ended June 30, 2001 as well as the Auditors and Directors reports on the accounts and unanimously approved the reports.

Approval of the final cash dividend at the rate of 24 per cent (i.e Rs 2.40 per share) for the year ended on June 30, 2001 was accorded as recommended by the Board of Directors.

Appointment and remuneration of M/s A.F Ferguson & Company as external Auditors for the year ending June 30, 2002 was also approved.

The meeting also approved further investment of an aggregate sum of Rs. 3,000 million in the form of Long Term Loan in PTML on terms and conditions that PTML will otherwise commit with the banks.

Transfer of PTCL land to NRTC on ownership basis for consideration and as per vesting principles, in lieu of the property being surrendered by NRTC outside the boundary limits of the said land was also approved.

The members made useful suggestions and proposed measures to further improve the financial and operational performance of the Company.

On the occasion, the Chairman PTCL expressed the resolve of the management and staff for customers and increase shareholder value of the Company with ever higher dedication in the coming years.

Source: The Nation