Pearl Continental owner says ‘not a party’ to Thatta Cement-Fauji Foundation restructuring deal
Pakistan Services Limited, which owns and manages the Pearl Continental (PC) Hotels chain, said on Thursday it was not a party to, and had not been notified of, a definitive agreement between Thatta Cement Company Ltd (THCCL) and Fauji Foundation (FF) over its proposed restructuring. The response came a day after Thatta Cement disclosed to the Pakistan Stock Exchange that it had entered into a…
Pakistan Services Limited, the owner of the Pearl Continental (PC) Hotels chain, has stated that it was not involved in or notified of a restructuring deal between Thatta Cement Company Ltd (THCCL) and Fauji Foundation (FF). This was revealed after THCCL disclosed the agreement on the Pakistan Stock Exchange. Pakistan Services asserted that it has no knowledge of the execution of any definitive agreement between THCCL and FF in connection with PSL's restructuring.
The company is therefore not a party to the agreement, as per a filing by Pakistan Services on Wednesday. THCCL had announced a definitive agreement with Fauji Foundation for the proposed restructuring of Pakistan Services Limited, pending necessary approvals. The deal's terms, structure, and valuation have not been disclosed. The acquisition of a 19.70% stake in PSL by Fauji Foundation came in November 2026, taking its total shareholding to 19.70% of its voting shares.
PSL, established in 1958, primarily operates the "Pearl Continental" hotel chain and also issues franchises for its trademark and name. The company has witnessed significant changes in shareholding in recent years, with AKD Group Holdings acquiring a 27.95% stake in July 2026 and Dawood Jan Mohammad acquiring 28% on the same day. Thatta Cement Company had also acquired a 28% stake in PSL for Rs6.45 billion in September 2026.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
