Pearl Continental owner in major shake-up as Thatta Cement, Fauji Foundation ink deal
- The agreement is subject to requisite approvals
Thatta Cement Company Limited has entered into a definitive agreement with Fauji Foundation in connection with the proposed restructuring of Pakistan Services Limited, which owns and manages the chain of Pearl Continental (PC) Hotels.
The cement maker disclosed the development in a filing to the Pakistan Stock Exchange on Wednesday.
“Thatta Cement Company Limited has entered into a definitive agreement with Fauji Foundation in relation to the proposed restructuring of Pakistan Services Limited, subject to the requisite corporate, regulatory and other necessary approvals,” read the notice.
The development comes days after Fauji Foundation, one of Pakistan’s largest conglomerates, acquired a 19.70% stake in PSL for approximately Rs6.55 billion, i.e. $23.7 million.
Fauji Foundation acquired 6,406,797 voting shares of Pakistan Services on November 2, 2026, at Rs1,022.42 per share, taking its total shareholding in the company to 19.70% of its voting shares.
Pakistan Services Limited (PSL) was established in 1958 as a public limited company. The company’s primary business involves owning and managing the “Pearl Continental” chain of hotels. It also grants franchises for the use of its trademark and name and operates a smaller budget hotel property in Lahore.
The company has observed significant changes in shareholding in recent years.
Last year in July, AKD Group Holdings (Private) Limited acquired a 27.95% stake in PSL for over Rs6.36 billion. On the same day, Dawood Jan Mohammad acquired 28% of PSL’s voting shares at Rs700 per share.
Following this, Thatta Cement Company Limited announced its acquisition of a 28% stake in PSL for Rs6.45 billion (Rs710 per share).
In September 2026, Thatta Cement Company Limited reached an in-principle understanding for a proposed restructuring of PSL to amicably resolve the matter pending before the Islamabad High Court.
Comments