Trans World Enterprise Services (Private) Limited (“the Company” or “TES”) was established as a private limited company in Pakistan on February 28, 2011, under the Companies Ordinance, 1984. The registered office of the Company is situated at Retalia Building, G-6 Markaz, Islamabad.

TES is a wholly-owned subsidiary of TWA (referred to as “the Group”), established in 2011 and commenced its commercial Fiber-to-the-Home (FTTH) services in 2018. As the sole company in Pakistan backed by a Tier-1 international network operator, TES caters to the industry’s business-critical communication needs with unparalleled reliability and support. The TWA was incorporated in Pakistan as a Private Limited Company on October 01, 1980, under the Companies Act, 1913 (now Companies Act, 2017). The registered and head office of the Company is situated at 24, Retalia Building, G-6 Markaz, Islamabad. The TWA is a subsidiary of Orastar Limited with a 90% holding. As of now, three companies operate under the umbrella of TWA, which includes: (i) Trans World Enterprises Services (Pvt) Ltd (TES), (ii) Trans World Infrastructure Services (Pvt) Ltd (TIS), and (iii) TES Media (Pvt) Ltd (TMPL). TWA commenced operations in 2006 and is the only operator in Pakistan that owns its 1,300 KM submarine cable system, TW1, and is also a consortium member of the latest 20,000 km fiber optic cable system SEA-ME-WE 5, which is a multiregional data superhighway connecting Pakistan to Asia Pacific, the Middle East, and Europe. TWA has also obtained capacities on other regional cables, both on the eastern and western sides, to create route diversity and resilience. The company has peering in the Middle East, Europe, the US, and the Far East with Tier-1 operators to provide the lowest-latency connections for Internet and data traffic. Our points of presence in international markets like Germany, France, and Singapore ensure the lowest latency for our customers. Transworld is also part of the SEA-ME-WE 6 consortium, which is a 21,700 km submarine cable system between Singapore and France (Marseille), crossing Egypt through terrestrial cables. TWA is perfectly synchronized to the global Internet peering ecosystem via direct connectivity to content providers such as Google, Facebook, Akamai, Netflix, Amazon, and several others, which makes the customer experience a faster internet.

The primary business activity of the Company is to deliver telecommunication services under licenses issued by the Pakistan Telecommunication Authority (PTA) for Data Class Value-Added Services (CVAS) and Fixed Local Loop (LL) operations across various telecom regions, including Karachi, Lahore, and Islamabad. TES is backed by Pakistan’s TIER-1 network operator TWA, which is the parent company and possesses exclusive & consortium ownership of the submarine fiber optic cable network system and is the leading connectivity provider for Pakistan . Numerous companies exist in the FTTH market segment where strength is primarily derived by owned and self-aid length of fiber optic cable network.

TWA owns a 99.99% stake in TES highlighting its status as a key subsidiary. This majority shareholding underscores the strategic importance of TES within the Transworld Group, ensuring aligned objectives and seamless integration of services to deliver comprehensive telecommunication solutions across Pakistan.

The majority shareholding of TWA is with Orastar Limited, which is an institutional investor focusing on Private Equity placements mostly in the unlisted tech, IT, and Power Generation space. Orastar increased its ownership position in TWA to 90% in January 2022, showing its trust in Pakistan's telecom and IT sectors.

The Sponsors possess a strong investment profile with exposure to both local and international jurisdiction. Their vast and diversified business experience reflects deep strategic insight, prudent financial management, and the ability to navigate complex market environments. Mr. Saad Muzaffar Waraich serves as the President and Executive Director of the Company, while Mr. Aasif Inam holds the position of Deputy CEO/Chief Operating Officer (COO). Both are seasoned telecom professionals with extensive experience spanning telecom, ICT, software, and services. Their leadership and expertise bring invaluable insights and strategic direction to the Company, driving its success in a competitive industry. 

TWA provides robust support to TES, holding a 99.99% ownership stake. Renowned for its reliable backhaul connectivity services, TWA has established itself as a trusted partner to Pakistan’s leading telecom operators including CMO’s, Wholesalers and ISP’s. Demonstrating its financial strength, TWA reported impressive revenues of ~PKR 15 billion as of December 2025, solidifying its position as a key player in the telecommunications industry. 

The TES Board comprises four highly qualified directors, each with extensive experience in the telecommunications sector. Their collective expertise and strategic insights provide strong leadership, fostering innovation and effective decision-making. With their diverse skill sets and deep industry knowledge, the board plays a pivotal role in steering the company toward sustained success and growth in the competitive telecom landscape.

Mr. Junaid joined as CEO Trans World Associates (TWA) and Director Trans World Enterprise Services (TES) in November 2022. After graduating he had the good fortune to work for various leading companies in the USA (National Semiconductor, Xerox, Rockwell Telecommunications) before returning to Pakistan as head of Engineering at Mobilink/Motorola in 1994. Three years later he was asked by the Board to take over as CEO of Mobilink. Since then, he has held C-level roles in PTCL, Zain and Airblue. He was offered the position of CEO of Trans World after the resignation of Mr. Kamran Malik. Mr. Junaid brings valuable and extensive telecom experience specific to the Pakistan market and internationally. He served as CEO of PTCL and Mobilink and from that perspective has a good understanding of TWA and its activities. Mr. Saad spearheads Transworld’s long-term strategic growth, development, expansion, and well-being of its human capital. He is a seasoned telecom professional having expertise in technology, organizational transformation, sales, services, and operations. He has a wide range of leadership experience working with both national and international firms in (ICT) information and communications technology. Prior to joining Transworld, Mr. Saad held prominent positions at Nokia, Comptel, IBM, Nokia Siemens Networks, NCR, Ufone and PTCL. His passion and commitment have always been towards the customers & service quality. In his own words, ‘Take care of your customers, if they are happy the company will grow.’ It is this vision, paired with his competence, compassion and dedication that is driving the company towards a greater tomorrow. Mr. Malik joined Transworld in December 2010. He is currently working as EVP Finance. He is a Chartered Accountant with hands on experience of financial management, banking, financial advisory, auditing, accounting and corporate affairs. He has experience in business development, resource planning, monitoring and financial planning and structuring of projects in power generation, manufacturing, healthcare, telecommunication real estate and environmental projects with emphasis on CDM (Clean Development Mechanism) consideration. Before joining us, Mr. Malik has served at Anjum Asim Shahid Rehman (Grand Thornton), Bank Alfalah Ltd., Saif Telecom Ltd., Utopia Developers (Pvt.) Ltd., Saif Power and most recently at Saif Holding Ltd. Mr. Amiruddin joined Transworld in August 2007. He is currently working as EVP Engineering. He has been an active member of the Internet and Data Communication Community since 1995. He was a member of the founding team at Cybernet. He also worked as a senior consultant to the high-tech industry helping high profile customers in designing their Data Networks. Mr. Amiruddin maintains a technical head role for network engineering, operations and advisory role for new technology and strategic initiatives at the company; where he served on the IP, MPLS, ATM, FR and TDM Engineering teams. Mr. Amiruddin holds a Master’s of Science degree in Computer Science from Pakistan.

The TES Board operates without formal committees, ensuring streamlined decision-making processes. Each board member is a seasoned professional with diverse experience across various market segments, including IT and telecommunications. Their broad expertise and industry insights enable the board to effectively oversee and guide the Company's strategic direction, ensuring alignment with industry best practices and market demands.

The Company’s auditors, A.F. Ferguson & Co., are recognized as an ‘A’ category firm on the State Bank of Pakistan's approved list of auditors. They issued an unqualified audit opinion on the Company’s annual financial statements for the fiscal year CY25, reflecting the highest standards of financial reporting and compliance.

TES operates with a lean organizational structure led by an experienced and dedicated management team. A significant portion of the senior management has been with the company for an extended period, contributing to its stability and continuity. The organizational framework is structured into five key functional departments: (i) Finance, (ii) Engineering, (iii) Commercial, (iv) HR & Administration, and (v) IT. This streamlined structure ensures efficiency, clear accountability, and effective collaboration across all business functions.

Mr. Junaid Iqbal Khan, the CEO/Director, brings valuable and extensive telecom experience specific to the Pakistan market and internationally. He served as CEO of PTCL and Mobilink and from that perspective has a good understanding of TWA and its activities. Mr. Saad Muzaffar Waraich has assumed the role of President/Director and he spearheads Transworld’s long-term strategic growth, development, expansion, and well-being of its human capital. He is a seasoned telecom professional having expertise in technology, organizational transformation, sales, services, and operations. Mr. Aasif Inam has assumed the role of Deputy CEO/COO of the Company. They are distinguished professionals with extensive expertise and diverse experience spanning various market segments within the IT and telecommunications industries. Their visionary leadership and strategic acumen are instrumental in driving the Company’s growth and innovation. Mr. Malik joined Transworld in December 2010. He is currently working as EVP Finance/Director. He is a Chartered Accountant with hands on experience of financial management, banking, financial advisory, auditing, accounting and corporate affairs. He has experience in business development, resource planning, monitoring and financial planning and structuring of projects in power generation, manufacturing, healthcare, telecommunication, real estate and environmental projects with emphasis on CDM (Clean Development Mechanism) consideration. Before joining us, Mr. Malik has served at Anjum Asim Shahid Rehman (Grand Thornton), Bank Alfalah Ltd., Saif Telecom Ltd., Utopia Developers (Pvt.) Ltd., Saif Power and most recently at Saif Holding Ltd.

As wholly owned subsidiary of TWA, the Company operates under various formal Management Committees operating at Group level oversee operations of all Group Entities.

TES boasts an advanced in-house real-time information and dashboard system, ensuring efficient performance monitoring and decision-making. The company is seamlessly integrated into the global internet peering ecosystem through direct connectivity with leading content providers, including Google, Facebook, Akamai, Netflix, Amazon, and others. Its IT infrastructure is organized into six key categories: Infrastructure & Network, IT Operations & Support, IT Governance & Business Insights, Application Development, SAP-ERP, and Compliance & Audits. This comprehensive and well-structured IT framework underpins TES’s ability to deliver reliable and cutting-edge telecommunication services.

The Company implements stringent controls, including internal and third-party audits, to evaluate the effectiveness of its Power BI dashboard and ensure optimal performance. TES has established a robust Cyber Security Framework to mitigate organizational cyber risks and safeguard its digital infrastructure. Additionally, the Internal Audit Department plays a pivotal role in ensuring effective risk management, governance, and internal controls. By identifying areas for improvement and ensuring compliance with established policies, the department contributes significantly to the company’s operational resilience and integrity.

Pakistan's telecommunications sector recorded revenues exceeding PKR 1 trillion in FY2024-25, reflecting year-on-year growth of ~12%, with fiscal contributions to the national exchequer rising to PKR 402 billion and sectoral investment reaching US$838 million, a 9% increase over the prior year. As of December 2025, Pakistan’s international internet bandwidth capacity stood at ~17.21Tbps, reflecting the country’s expanding digital infrastructure and rising connectivity requirements. During 2025, the telecom sector recorded aggregate data consumption of ~27,727 petabytes (PB), with the Pakistan Telecommunication Authority highlighting network congestion during peak-hour bandwidth utilization. The internet service provider landscape in Pakistan is primarily categorized into three tiers: Tier-I, Tier-II, and Tier-III providers. In the Tier-I category, only two companies, Pakistan Telecommunication Company Limited (PTCL) and Trans World Associates (Pvt.) Ltd. (TWA), own submarine cables, giving them a dominant role in the country’s internet backbone. Tier-II providers, such as Nayatel, Cyber Internet Services (Storm Fiber), Connect Communication, Wancom, OPTIX, Wateen, etc., rely on PTCL and TWA for their internet supply, as they lack their own submarine cable infrastructure. Tier-III providers, primarily local cable operators, serve smaller, localized markets. Total telecom subscriptions crossed 200 million by mid-2025, including 150 million broadband connections and over 2 million fiber-to-the-home (FTTH) subscribers, as broadband penetration expanded from 53.6% to 60.8% over three years, supported by data usage growth of 37.84% through the same period, driven by streaming, e-commerce, online education, and cloud-connected device adoption. Data services have crossed 51% of total telecom revenue, confirming a structural shift from voice-led to data-led revenue composition, while mobile broadband, backed by 4G coverage on approximately 95% of cellular networks and a smartphone adoption rate of 68%, continues to dominate overall subscriptions. Within this landscape, fixed broadband remains structurally undersized relative to mobile, with ~3.36 million fixed subscriptions recorded in 2023 and FTTH household penetration estimated at approximately 10% nationally, against a backdrop where only 5% to 14% of the country is currently fiberized and merely 14% of cellular towers are connected to fiber backhaul. The disparity between fixed and mobile broadband adoption constitutes the most compelling structural growth argument for the FTTH segment: against approximately 150 million mobile broadband subscribers, fixed broadband subscriptions stood at an estimated 3.36 million in 2023, with FTTH connections reaching ~2 million by June 2025, yielding a mobile-to-fixed broadband ratio of approximately 75:1 that underscores the nascent state of fixed connectivity relative to cellular and diverges significantly from the global norm where fixed broadband penetration tracks more closely to mobile. Pakistan's cellular tele density of ~81% against fixed broadband household penetration of ~10% reflects both the historical preference for mobile connectivity and chronic underinvestment in fixed network infrastructure; as urbanization deepens, device proliferation continues, and household demand for multi-connection bandwidth intensifies, the structural convergence of fixed and mobile adoption curves provides a data-supported basis for medium-to-long-term FTTH subscriber growth that does not depend on market share displacement among existing operators. The FTTH segment is concentrated in Tier-1 cities and characterized by a fragmented competitive structure, with six principal operators competing primarily on network coverage, service reliability, and pricing. PTCL’s Flash Fiber holds the dominant market share by active subscribers, followed by Nayatel, which commands strong penetration in Islamabad and adjacent markets, and Storm Fiber (Cybernet), which operates across Karachi, Lahore, Islamabad, and several mid-tier cities. Against global benchmarks, however, Pakistan’s fixed broadband performance remains materially below the global median of approximately 98 Mbps, and Open signal’s Global Network Excellence Index for Q4 2025 placed Pakistan fifth out of six South Asian markets on download speed and sixth on consistent quality; this performance gap is analytically significant as both a constraint on enterprise demand satisfaction and an indicator of the headroom available for quality-driven subscriber acquisition by operators investing in network densification. Previously, the Companies faced hurdles in expansion and fibre deployment due to Right-of-Way charges. However, recent policy changes have directly reduced rollout costs and improved the investment case for network expansion. The sector carries a high aggregate tax burden of approximately 37.4%, which constrains net margins and capital reinvestment capacity, and dollar-linked license fees expose operators to currency mismatch risk. The March 2026 spectrum auction, which raised US$507 million from Jazz (190 MHz), Ufone (180 MHz), and Zong (110 MHz) across 700 MHz, 2.3 GHz, 2.6 GHz, and 3.5 GHz bands, marks the formal initiation of Pakistan’s 5G transition and introduces the structural medium-term risk of Fixed Wireless Access (FWA) competing directly with FTTH in Tier-1 residential and enterprise segments. A parallel and longer-dated threat is emerging from Low Earth Orbit (LEO) satellite broadband operators, whose pending licensing by PTA marks a structural inflection point for Pakistan’s connectivity market; unlike terrestrial operators, LEO-based providers are unconstrained by Right-of-Way requirements or fiber rollout economics, operate with materially reduced latency relative to legacy geostationary satellite systems, and carry the capacity to extend competitively viable broadband service into both underserved rural areas and, over time, premium urban segments currently addressed by FTTH. While near-term competitive pressure from this source is expected to be concentrated in geographies beyond the reach of fixed infrastructure, the medium-term risk of urban market entry by well-capitalized global LEO operators represents a credible and asymmetric threat to the addressable market of domestic FTTH providers, warranting analytical monitoring as licensing and deployment timelines crystallize. Enterprise connectivity subscriptions are expanding at a CAGR of approximately 4.59% to 4.71%, with B2B services offering higher margins and longer contract tenures, while IoT and M2M connections, growing at a 4.18% CAGR, and Pakistan’s data center market, projected to grow at a 17.77% CAGR from 23.53 MW to 53.30 MW by 2030, represent adjacent revenue opportunities for operators with the network infrastructure and enterprise relationships to capture them. The sector is projected to grow at a CAGR of 3.28% to reach approximately US$4.52 billion by 2033, with broadband subscribers forecast to reach 283 million by 2030, underpinning a constructive medium-term demand outlook; however, credit sustainability for FTTH operators will be determined by the pace of subscriber penetration relative to capital committed, the capacity to manage USD-PKR cost exposure, the competitive response to 5G, FWA, and emerging satellite-based alternatives, and the discipline to expand the network base without deteriorating leverage to levels that constrain financial flexibility.

The FTTH segment in Pakistan remains highly competitive, with several operators competing on network quality, pricing, and geographic expansion. As of the latest PTA Statistics of Apr-26, PTCL leads the market with 865,570 subscribers, followed by Cyber Internet/Storm Fiber with 707,240 subscribers, Nayatel with 234,429, Connect Communications with 205,324, and Wancom with 116,555 subscribers. TES ranked sixth with 104,820 subscribers, representing a market share of ~3.75%. Notably, the Company has demonstrated strong momentum, recording a three-year subscriber CAGR of ~26%, reflecting its continued network expansion and focus on addressing evolving customer demand in the broadband segment. Service quality remains a key differentiator within the competitive landscape, although recent performance indicators suggest increasing convergence among leading FTTH operators. According to Ookla’s Speedtest Intelligence data, PTCL Flash Fiber ranked first among fixed internet providers in H1 2025 with a Connectivity Score of 56.95, closely followed by Transworld at 56.71 and Nayatel at 56.31. The narrow spread among the leading players indicates a competitive market characterized by broadly comparable service quality rather than a distinctly differentiated hierarchy. Further reinforcing its operational positioning, Transworld recorded the highest median download speed among fixed ISPs nationally during 2H 2025 at 34.86 Mbps, alongside a median upload speed of 30.5 Mbps. Regionally, Islamabad maintained the fastest median fixed download speed among major cities at 24.57 Mbps. TES’s improving speed and connectivity benchmarks support its positioning as a credible and quality-focused operator within Pakistan’s evolving FTTH market.

During CY25, the Company generated revenue of PKR 5,674mln (CY24: PKR 4,428mln, CY23: PKR 3,639mln), registering a growth of ~28.2%. The surge in sales was mainly on account of increase in prices and more coverage and geographical expansion. Companies’ sales are mainly dominated by Internet sales and the remaining share is of IPTV sales & Voice. Internet is their base product and IP TV & Voice mail are their complementary products. Their sales quantum is geographically concentrated in Lahore, followed by Karachi and Islamabad. Over the last three years, a portfolio of residential area sales is increasing which depicts TES penetration in urban areas gradually.

The Company’s profitability matrix showed significant improvement compared to previous years. TES recorded ~35.2% GP margin during CY25 (CY24: 30.1%, CY23: 39.0%). The Company’s bottom-line showed recovery in CY25 and stood at PKR 314mln as compared to a net loss of PKR (7) mln in CY24 and PKR (80) mln in CY23. The Company’s operating margin also improved to ~12.8% (CY24: ~7.1%) and reported a positive net profit margin of 5.5%.

The Company maintains a structured planning framework through the preparation of financial projections, comprehensive budgeting plans, and procurement forecasts to establish annual and long-term operational and financial targets. Financial sustainability strengthened materially during CY25, underpinned by robust cash generation, improving profitability indicators, and continued investment in network infrastructure. The sustained acceleration in FTTH deployment and infrastructure expansion aligns with the Company’s long-term growth strategy and capital development program. These investments are expected to support network scalability, enhance market reach, and reinforce the Company’s operational and financial sustainability over the medium to long-term.

TES has managed its working capital requirements efficiently amid its rapid growth phase. The Company’s primary raw material is optical fiber, and it maintains relatively lean inventory levels. However, as network deployment and business expansion accelerate, inventory requirements are increasing to support future demand and project execution timelines. The Company benefits from extended credit terms from suppliers, with average payable days standing at ~168 days, which remains the principal driver behind its negative net working capital cycle of 113 days in CY25 (CY24: -119 days; CY23: -111 days). Consequently, TES continues to exhibit negative short-term trade leverage, indicating a higher level of trade liabilities relative to trade assets. A key contributor to this position is the accumulation of accounts payable, of which approximately 87% relates to TWA. The continued buildup of these payables reflects the parent’s financial and operational support, providing TES with additional working capital flexibility during its expansion phase. However, the timely and structured settlement of these obligations, particularly through planned equity conversion arrangements, remains important to maintaining balance sheet strength and ensuring sustainable working capital management.

The Company generates a free cash flow FCFO of ~PKR 1,555mln during CY25 (CY24: ~PKR 795mln, CY23: ~PKR 846mln). Considering the period of CY24 to CY25 TES has shown improvement in the cash generation. EBITDA/Finance ratio is 11.8x during CY25 (3.7x in CY24 and 2.7x in CY23). Interest coverage ratio improved significantly to 9.9x from 3.1x in CY24, primarily driven by a reduction in policy rates and improvement in profitability before tax. Core operating coverage also witnessed improvement, increasing from 0.4x to 0.6x during CY24–CY25; however, it remains relatively weak and requires further strengthening to support sustained debt servicing capacity and enhance the overall financial risk profile.

The Company’s capital structure remains moderately leveraged, with the leveraging ratio increasing to 39.8% in CY25 from 37.4% in CY24. As of CY25, TES maintained long-term borrowings of PKR 1,227mln, alongside current maturities of long-term debt amounting to PKR 372mln, while remaining free of short-term borrowings, reflecting limited reliance on short-term funding. During the year, the Company undertook balance sheet restructuring initiatives, including the reclassification of deposits for shares amounting to PKR 193mln into paid-up capital and the issuance of new shares to TWA, executed against equity conversion arrangements. Consequently, TES strengthened its equity base to PKR 2.4bln from PKR 1.9bln in CY24, primarily supported by the conversion of parent-related funding into equity. The enhanced equity cushion provides additional support to the Company’s financial profile, although leverage indicators warrant continued monitoring amid future growth and funding requirements.