PTCL says sale of 12 properties not material for share value

October 18, 2023 (MLN): Pakistan Telecommunication Company Ltd (PSX: PTC) has clarified that the news regarding the sale of 12 non-core properties, out of a total of 3300+ properties, is of a relatively lower value and is not of a material nature that can significantly impact the market value of PTCL shares, said a company's notice to the PSX yesterday.

Consequently, PTCL maintains that it does not meet the criteria outlined in the clauses of the PSX Regulations.

This was issued in response to a letter published in electronic media dated October 13, 2023, requesting an explanation from PTCL regarding the non-dissemination of information.

PTCL further emphasized that the sale of these non-core and surplus properties is a strategic decision aimed at generating funds for the expansion of PTCL's network and IT infrastructure.

It also serves the purpose of strengthening PTCL's financial health and enhancing its service capacity.

In this context, the objective is to foster growth and better serve its customers.

"In light of the above submissions, we firmly believe that the concerns raised in your letter have been duly addressed." the notice further added.

PTCL remains fully committed to complying with its listing obligations and adheres to the highest standards of transparency and corporate governance.

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