KARACHI – In a significant corporate move, Thatta Cement Company Limited has acquired a substantial 28% stake in Pakistan Services Limited (PSEL), the owner and operator of the renowned Pearl-Continental (PC) hotel chain, according to a disclosure filed with the Pakistan Stock Exchange (PSX) on Tuesday.
The acquisition, which took place on October 13, 2025, involves 9.107 million voting shares of PSEL purchased at a rate of Rs. 710 per share, valuing the transaction at approximately Rs. 6.47 billion. The purchase propels Thatta Cement into a major strategic shareholder position in the hospitality group.
Pakistan Services Limited (PSEL)Â is a key player in Pakistan’s hospitality industry. Its primary asset is the ownership and operation of the upscale Pearl-Continental Hotels & Resorts, with flagship properties in Karachi, Lahore, Rawalpindi, and Bhurban. The company also holds a franchise and management agreement for the PC in Malam Jabba.
Meanwhile, Thatta Cement Company Limited is a longstanding manufacturer of cement, with its factory located in Thatta, Sindh. The major strategic investment in an unrelated sector signals a potential diversification of its business interests and investment portfolio.
The disclosure was formally communicated by PSEL to the PSX, as required by the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Thatta Cement, in its separate filing, confirmed the acquisition and stated that it currently has no representation on the board of directors of Pakistan Services Limited. The move is poised to reshape the ownership landscape of one of Pakistan’s leading hospitality entities.
