KARACHI (The Thursday Times) — Thatta Cement Company has signed a definitive agreement with Fauji Foundation for the proposed restructuring of Pakistan Services Limited, the owner and operator of the Pearl Continental hotel chain, the cement maker told the Pakistan Stock Exchange.
In a disclosure dated Wednesday, Thatta Cement said the agreement was subject to the necessary corporate, regulatory, and other approvals. Neither company disclosed the financial terms, the proposed ownership structure, or a date for completing the deal.
The agreement comes days after Fauji Foundation bought a 19.70 percent voting stake in Pakistan Services for about Rs6.55 billion, paying Rs1,022.42 a share on November 2.
A long tussle over the hotel group
Thatta Cement had announced an understanding in principle on the restructuring in September. At the time, the companies said they were working towards an amicable settlement of a matter pending before the Islamabad High Court, with the final arrangements depending on definitive agreements being signed.
Ownership of Pakistan Services has changed hands several times since last year. In July 2025, AKD Group Holdings bought a 27.95 percent stake for more than Rs6.36 billion, and Dawood Jan Mohammad acquired 28 percent of the voting shares at Rs700 a share. Thatta Cement later announced it was buying a 28 percent stake for about Rs6.45 billion, at Rs710 a share.
Pakistan Services, set up in 1958, owns and manages the Pearl Continental hotels, grants franchises for the brand, and runs a budget hotel in Lahore. Fauji Foundation is one of the country’s largest business groups, with interests in fertiliser, cement, power, and food.
