PSL restructuring being negotiated to settle court case, says Thatta Cement
Thatta Cement Company Limited (THCCL) said on Monday that a proposed restructuring of Pakistan Services Limited (PSL) is being negotiated to resolve a matter pending before the Islamabad High Court amicably. The listed cement maker disclosed the development in a notice to the Pakistan Stock Exchange (PSX). “In order to amicably resolve the matter subjudice before the Islamabad High Court in…
Thatta Cement Company Limited has announced ongoing negotiations to restructure Pakistan Services Limited (PSL) in order to settle a dispute before the Islamabad High Court. The move aims to resolve the matter amicably, according to a notice posted to the Pakistan Stock Exchange (PSX). The restructuring, once finalized through a definitive agreement, will be communicated to the PSX and other authorities.
Thatta Cement previously announced an in-principle agreement on the restructuring of PSL, but the legal complexities remain unresolved. PSL, established in 1958, primarily manages the Pearl Continental Hotels chain and grants franchises for its brand. Recently, significant changes in shareholding and legal developments have affected PSL.
On July 14, 2025, AKD Group Holdings acquired a 27.95% stake in PSL for over Rs6.36 billion. Dawood Jan Mohammad followed suit by acquiring 28% of PSL’s voting shares at Rs700 per share. Thatta Cement itself became a 28% shareholder in PSL for Rs6.45 billion (Rs710 per share) on October 14, 2025. The Islamabad High Court intervened on February 24, 2026, suspending the election of directors and deferring share acquisition proceedings, maintaining the status quo in PSL’s structure.
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