Thatta Cement Company Limited has announced the acquisition of 9,107,800 voting shares of Pakistan Services Limited, representing 28% of its total issued voting shares, according to a notice filed with the Pakistan Stock Exchange on Tuesday.
Pakistan Services Limited is principally engaged in the hotel business and owns and manages the chain of Pearl Continental Hotels.
According to the company’s filing, the transaction, completed on October 13, 2025, was executed at a price of Rs710 per share under Section 110(1) of the Securities Act, 2015. The acquisition amounts to a total value of Rs6.47 billion.
Following this purchase, Thatta Cement’s total holding in Pakistan Services Limited amounts to 9.1 million shares.
This development follows Thatta Cement’s last month announcement of a Rs5.5 billion Sukuk issuance aimed at financing the expansion of its production capacity or acquiring an operational company. The company’s board approved the Sukuk, including a green shoe option of Rs500 million, after evaluating multiple funding options.
Thatta Cement stated that the proceeds, combined with internally generated funds, will be used to expand production capacity or acquire an already operational company to accelerate growth, diversify revenue streams, strengthen its competitive position, and ensure sustainable shareholder returns.
As per its latest financial results, the company reported a profit of Rs2.34 billion in FY25, up from Rs1.28 billion in FY24, reflecting an 83 percent increase. Earnings per share rose to Rs28.28 from Rs16.08 in the previous year.
Thatta Cement, incorporated in 1980, manufactures and markets cement and owns Thatta Power (Private) Limited. In April, it commissioned a 4.8MW wind power project at its Thatta plant, bringing total renewable energy capacity to 9.8MW, including a 5MW solar installation. The project began operations on April 3, 2025.
