PSL restructuring being negotiated to settle court case, says Thatta Cement

Thatta Cement Company Limited (THCCL) told the Pakistan Stock Exchange on Monday that it is negotiating a proposed restructuring of Pakistan Services Limited (PSL) as a way of settling a pending case at the Islamabad High Court. According to the cement maker's notice, the arrangement will be finalised through definitive agreements and then communicated to the exchange and other bodies concerned. The update follows an in-principle understanding the company reached last week, which remains subject to those agreements.

Pakistan Services Limited was set up in 1958 as a public limited company and runs the Pearl Continental hotel chain, grants franchises for the brand, and operates a smaller budget hotel in Lahore. Several significant shareholding changes have since occurred, starting with AKD Group Holdings (Private) Limited acquiring a 27.95% stake for over Rs6.36 billion on July 14, 2025. Dawood Jan Mohammad, in the same period, bought 28% of the voting shares at Rs700 per share.

On October 14, 2025, THCCL disclosed that it had bought a 28% stake in PSL for Rs6.45 billion, or Rs710 per share. On February 24, 2026, PSL deferred its director elections under directives from the Islamabad High Court. The court also suspended activity linked to the share purchases and elections, ordering a status quo on shareholding, board composition and control.