Thatta Cement Confirms Plan To Restructure PC Hotels

Thatta Cement Company Limited has confirmed it has reached an "in principle" understanding regarding the proposed restructuring of Pakistan Services Limited, though final terms have not been agreed upon, as stated in a disclosure to the Pakistan Stock Exchange on Thursday. The terms are contingent upon the finalization of a definitive agreement, which will be communicated to the exchange in due course.

This development follows reports of a potential out-of-court settlement to resolve a longstanding dispute over control of the Pearl Continental hotel chain. Pakistan Services had denied awareness of the reported arrangement as of September 7, claiming no information was received from any shareholder. Reports suggest the settlement might involve dividing five Pearl Continental properties between Thatta Cement and Fauji Foundation.

The dispute centers on a roughly 56 percent voting stake in Pakistan Services and has been subject to legal proceedings for over a year. Thatta Cement obtained about 28 percent of Pakistan Services in October 2025 and subsequently called for fresh board elections. The Islamabad High Court is currently adjudicating cases related to the company's shareholding and management.

Thus, while an understanding of the restructuring has been reached, specifics like the division of particular hotels and the ultimate ownership structure remain to be determined once the definitive agreements are finalized and formally disclosed.