Pearl Continental owner in major shake-up as Thatta Cement, Fauji Foundation ink deal
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…
Thatta Cement Company Limited and Fauji Foundation have announced a definitive agreement regarding the restructuring of Pakistan Services Limited, the owner of the Pearl Continental hotel chain. This development was disclosed in a filing to the Pakistan Stock Exchange on Wednesday. The acquisition of a 19.70% stake in PSL by Fauji Foundation for approximately Rs6.55 billion was made public days earlier.
Fauji Foundation took control of 6,406,797 voting shares on November 2, 2026, increasing its stake to 19.70% of PSL's voting shares. PSL, established in 1958, primarily manages the Pearl Continental hotel chain and also operates a smaller hotel property in Lahore. Over the years, PSL's shareholding has seen significant changes, with AKD Group Holdings acquiring a 27.95% stake in July and Dawood Jan Mohammad purchasing 28% on the same day.
Thatta Cement subsequently acquired a 28% stake in PSL for Rs6.45 billion. In September 2026, Thatta Cement and PSL reached an in-principle agreement for a restructuring to resolve a pending case in the Islamabad High Court.
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