Thatta Cement Company Limited has signed a definitive agreement with Fauji Foundation regarding a proposed restructuring of Pakistan Services Limited (PSL). PSL is the entity that owns and manages the Pearl Continental (PC) hotel chain. According to a filing submitted to the Pakistan Stock Exchange on Wednesday, the agreement is subject to the requisite corporate, regulatory, and other necessary approvals.
This move follows a transaction on November 2, 2026, where Fauji Foundation, one of Pakistan’s largest conglomerates, purchased 6,406,797 voting shares of PSL. The acquisition, which cost approximately Rs6.55 billion ($23.7 million), brought Fauji Foundation's total shareholding in the company to 19.70% of its voting shares at a price of Rs1,022.42 per share.
PSL, a public limited company established in 1958, primarily manages the Pearl Continental hotel chain, operates a budget hotel in Lahore, and grants franchises for its trademark. The company has seen significant shifts in ownership recently. In July of last year, AKD Group Holdings (Private) Limited bought a 27.95% stake in PSL for over Rs6.36 billion. On that same day, Dawood Jan Mohammad acquired 28% of the company's voting shares at Rs700 per share.
Following those transactions, Thatta Cement Company Limited announced it had acquired a 28% stake in PSL for Rs6.45 billion (Rs710 per share). In September 2026, Thatta Cement reached an in-principle understanding for the proposed restructuring of PSL, which is intended to amicably resolve a matter currently pending before the Islamabad High Court.
