ISLAMABAD: PTCL Group President and Chief Executive Hatem Bamatraf on Monday said that the Competition Commission of Pakistan (CCP) has unfairly delayed the approval of Telenor Pakistan`s merger with PTCL.

`We are waiting for the approval and are surprised by the delay. It should not have taken place,` Mr Bamatraf said, responding to a query from the media.

Unveiling the financial results for the first quarter of 2025, the CEO said that PTCL has already complied with all documentary requirements asked by the CCP. Still, the delay in the announcement of the decision was critical.

He even referred to the investments made by Etisalat in the country and other markets where the UAE-based companywas operating.

Mr Bamatraf added that if the required permission from the CCP was not received in time, the loan agreement with the International Finance Corporation for the acquisition of Telenor Pakistan might not be completed.

The financial result for January-March 2025 showed that the group maintained its loss-making track despite a 22 per cent revenue growth.

The revenue of PTCL group in the three months was Rs61.85bn, but the group faced a net loss of Rs3.97bn in the period.

The three main entities of PTCL group were PTCL, Ufone and Ubank.

The reason for the lossmaking spree of the group was the financial closure of Ufone in the red despite a 21pc revenue growth in the first quarter of 2025.

However, the PTCL made a net profit of Rs1.17 billion in Jan-Mar 2025.