Thatta Cement Moves To Restructure Pakistan Services Limited.
✧ GENERATE BRIEFING +
Thatta Cement Company Limited (THCCL) has announced that it has reached an in-principle understanding to restructure Pakistan Services Limited (PSL), the prominent hospitality conglomerate that owns and operates the Pearl Continental Hotels chain alongside budget properties and brand franchises. In a formal notice dispatched to the Pakistan Stock Exchange (PSX), Thatta Cement noted that the proposed restructuring remains subject to the finalization of definitive legal agreements and regulatory clearances, with comprehensive terms to be disclosed once formalized.The strategic move follows a turbulent period of corporate consolidation surrounding PSL's ownership structure. In late 2025, Thatta Cement acquired a major 28% voting stake in PSL for Rs6.45 billion (at Rs710 per share) following earlier acquisitions by AKD Group Holdings and investor Dawood Jan Mohammad. However, the subsequent shifts in ownership sparked intense corporate wrangling, leading the Islamabad High Court in February 2026 to suspend proceedings tied to share transfers and board elections, thereby freezing PSL's board composition and management control.
Thatta Cement Company Limited (THCCL) has reached an in-principle understanding for the proposed restructuring of Pakistan Services Limited (PSL), the company said in a notice to the Pakistan Stock Exchange (PSX).
The proposed restructuring remains subject to the finalisation of definitive agreements, with the company saying further details will be communicated to the exchange once the agreements are completed.
Pakistan Services Limited, established in 1958, owns and manages the Pearl Continental Hotels chain and also operates a budget hotel in Lahore. The company additionally grants franchises for the Pearl Continental brand.
The development follows major changes in PSL’s ownership structure. In July 2025, AKD Group Holdings acquired a 27.95% stake for more than Rs6.36 billion, while Dawood Jan Mohammad acquired a 28% voting stake at Rs700 per share.
Thatta Cement subsequently announced in October 2025 that it had acquired a 28% stake in PSL for Rs6.45 billion, at Rs710 per share.
The ownership changes have also been followed by legal proceedings. In February 2026, the Islamabad High Court suspended proceedings linked to the share acquisitions and directors’ elections, maintaining the status quo over PSL’s shareholding, board composition, control and management.
The latest announcement indicates that Thatta Cement is now moving towards a formal restructuring arrangement for PSL, although the precise structure and terms of the proposed transaction have not yet been disclosed.
The development could mark another significant step in the evolving ownership and corporate structure of Pakistan Services Limited, subject to the completion of the required agreements and related processes.
