LAHORE – Speculation spread that UAE-based investor e& (former Etisalat) might be reducing its stake in Pakistan’s telecom sector, sparking uncertainty around PTCL.
As rumors gained traction, PTCL called the reports baseless and unverified. The company reassured that its shareholders remain committed and highlighted ongoing expansion plans and long-term growth strategies, including major acquisitions and digital infrastructure development in Pakistan.
The telecom giant moved swiftly to shut down growing media speculation suggesting that its major shareholder, UAE-based telecom form e& (formerly Etisalat), may be reconsidering or scaling back its investment in Pakistan’s telecom sector.
The company warned that unverified stories of this nature risk triggering unnecessary market panic and confusion among investors.
Despite the swirling rumors, PTCL stressed that its ownership structure remains stable and its shareholders are fully aligned with a long-term vision for growth and transformation. The company pointed to a series of major strategic moves already underway, including the high-profile acquisition of Telenor Pakistan and Orion Towers, Ufone’s push into 5G spectrum, and aggressive nationwide expansion of fiber infrastructure.
PTCL’s board recently reviewed the company’s Q1 2026 performance and continues to steer a broader transformation agenda aimed at strengthening its position in Pakistan’s digital economy. The company further stressed that e&, as the managing shareholder, remains closely engaged and committed to building long-term value in the market.
The clarification comes amid reports claiming that a prominent Middle Eastern investment group was quietly reviewing its exposure to Pakistan’s telecom sector as part of a wider global portfolio optimization strategy. Sources cited in earlier reports suggested the review was still in its early stages and not a finalized decision, potentially driven by global economic uncertainty, shifting capital allocation priorities, and regional geopolitical tensions.
PTCL, however, firmly stated that it has not been informed of any planned change in shareholder strategy.
As of now, ownership of PTCL remains split with the Government of Pakistan and its entities holding roughly 62%, while e& controls around 26% along with management rights. The remaining 12% is publicly traded on the Pakistan Stock Exchange.
The development unfolds against broader backdrop of Pakistan’s financial engagement with Gulf partners. The UAE recently recovered approximately $3.5 billion in previously rolled-over deposits, while Saudi Arabia has expanded its support by increasing deposits to $8 billion to help meet IMF-linked financing requirements. Meanwhile, the IMF executive board is expected to meet on May 8 to approve a fresh $1.21 billion tranche for Pakistan.
