KARACHI: Fauji Foundation has disclosed the acquisition of 19.70 percent of the voting shares in Pakistan Services Limited (PSEL), the owner and operator of the Pearl Continental Hotels chain, the company informed Pakistan Stock Exchange (PSX) in a material information disclosure.
Pakistan Services said it had received a letter dated November 2, from Fauji Foundation, which made the disclosure under Section 110 of the Securities Act, 2015, read with Regulation 4(2) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
The company submitted the information to PSX under Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the PSX Rule Book, requesting that the disclosure be made immediately available in accordance with the regulations.
According to the information provided, Fauji Foundation acquired the 19.70 percent stake at Rs1,022.42 per share, for a transaction value of approximately Rs6.55 billion. The disclosure did not specify the number of shares acquired or provide details of the transaction’s impact on the company’s board composition.
The acquisition follows a series of major shareholding changes in Pakistan Services. On July 14, 2025, AKD Group Holdings and its subsidiary AKD Securities Limited acquired a combined 27.95 percent stake, comprising 9,089,651 voting shares, at Rs700 per share. The transaction was valued at approximately Rs6.36 billion.
Separately, investor Dawood Jan Mohammad acquired a 28 percent block of 9,107,800 voting shares at Rs700 per share, for a total investment of approximately Rs6.37 billion. In October 2025, he sold the stake to Thatta Cement Company Limited (THCCL) at Rs710 per share, valuing the transaction at approximately Rs6.45 billion.
The shareholding changes have been associated with disputes and proposed restructuring involving Pakistan Services, including proceedings concerning board control at the Islamabad High Court. The latest disclosure by Fauji Foundation adds another major shareholder to the company’s ownership structure.
Pakistan Services Limited was incorporated in Pakistan on December 6, 1958, as a public limited company under the Companies Act, 1913, now the Companies Act, 2017. The company is principally engaged in the hotel business and owns and manages the Pearl Continental Hotels chain. It also owns a small property in Lahore operating under a budget hotel concept and grants franchises to use the “Pearl Continental” trade mark and name.
Copyright Business Recorder, 2026
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