PC Owners Clarify Future of Hotel Business After Breakup Rumors

The owner and operator of Pearl Continental Hotels Pakistan Services Limited has declared they have no knowledge of a social media rumor about a split of the hotel business. In a statement released to the Pakistan Stock Exchange on September 7, the company stated they neither received nor were informed about the alleged development. Pakistan Services did not comment further on the report.

The company acknowledged there are ongoing legal matters concerning its shareholding currently under adjudication by the Islamabad High Court. Pakistan Services expressed commitment to transparency and informed shareholders, regulators and the public about relevant developments in compliance with applicable laws and regulations.

These clarifications come after recent media reports suggesting an out-of-court settlement might lead to the division of some Pearl Continental hotels between Thatta Cement and Fauji Foundation. The reports claimed such an arrangement followed over a year of ownership disputes over a roughly 56% voting stake in the company. The ownership dispute also involved prior proceedings before the Islamabad High Court, which previously suspended share acquisition notices and restrained parties from interfering with Pakistan Services' management and affairs.