Thatta Cement moves towards restructuring of Pakistan Services Limited

Business Recorder reported that Thatta Cement Company Limited (THCCL) has told the Pakistan Stock Exchange (PSX) it has reached a preliminary understanding on restructuring Pakistan Services Limited (PSL). The company, which also owns Thatta Power (Private) Limited, made the disclosure in a notice to the PSX on Thursday. Any final terms remain subject to definitive agreements, which the company said would be shared with the exchange in time.

PSL was founded in 1958 and runs the Pearl Continental hotel chain, licensing its trademark and name through franchises. The company also operates a smaller budget hotel in Lahore. On July 14, 2025, AKD Group Holdings (Private) Limited bought a 27.95% stake for over Rs6.36 billion, while Dawood Jan Mohammad acquired 28% of the voting shares at Rs700 each.

On October 14, 2025, THCCL announced its own purchase of a 28% stake in PSL for Rs6.45 billion, or Rs710 per share. On February 24, 2026, PSL deferred its director elections after the Islamabad High Court halted proceedings tied to share acquisitions and elections, ordering that shareholding, board composition and control stay as they were. The latest notice follows these court developments at PSL.