Thatta Cement, Fauji Foundation sign deal on Pearl Continental owner
The PSX filing says the restructuring of Pakistan Services Limited needs corporate and regulatory approval, days after Fauji Foundation bought a 19.70% stake.
Thatta Cement Company Limited has signed a definitive agreement with Fauji Foundation on the proposed restructuring of Pakistan Services Limited, the company that owns and runs the Pearl Continental hotel chain.
The cement maker disclosed the agreement in a filing to the Pakistan Stock Exchange on Wednesday, saying it depends on corporate, regulatory and other necessary approvals.
"Thatta Cement Company Limited has entered into a definitive agreement with Fauji Foundation in relation to the proposed restructuring of Pakistan Services Limited, subject to the requisite corporate, regulatory and other necessary approvals," the notice said.
The agreement follows Fauji Foundation's purchase of a 19.70% stake in Pakistan Services for about Rs6.55 billion ($23.7 million). The foundation bought 6,406,797 voting shares on November 2, 2026 at Rs1,022.42 per share.
Pakistan Services Limited was set up in 1958 as a public limited company. Its main business is owning and managing Pearl Continental hotels. It also sells franchises for its trademark and name and runs a smaller budget hotel property in Lahore.
Ownership of the company has changed hands several times in recent years. In July last year, AKD Group Holdings (Private) Limited bought a 27.95% stake for more than Rs6.36 billion, and on the same day Dawood Jan Mohammad acquired 28% of the voting shares at Rs700 per share.
Thatta Cement then announced it had acquired a 28% stake in Pakistan Services for Rs6.45 billion, or Rs710 per share.
Fauji Foundation's November purchase was struck at Rs1,022.42 per share, above the Rs700 and Rs710 per share levels at which the earlier blocks of shares changed hands.
In September 2026, Thatta Cement reached an in-principle understanding on the restructuring, aimed at settling a matter pending before the Islamabad High Court.
The filing did not state the value of the restructuring or a timetable for the approvals it requires.
Fauji Foundation buys 19.7% stake in Pearl-Continental owner for Rs6.55bn
The foundation paid Rs1,022.42 a share for 6,406,797 voting shares on November 2, about 44 percent more than Thatta Cement paid for its stake a year earlier.
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