Pearl Continental owner in major shake-up as Thatta Cement, Fauji Foundation ink deal

Thatta Cement has signed a definitive agreement with Fauji Foundation concerning a proposed restructuring of Pakistan Services Limited (PSL), the owner and operator of Pearl Continental hotels. Business Recorder reported the cement company disclosed the agreement to the Pakistan Stock Exchange on Wednesday, with implementation dependent on corporate, regulatory and other approvals.

The agreement follows Fauji Foundation’s purchase of 6,406,797 PSL voting shares on November 2, 2026, for about Rs6.55 billion, or Rs1,022.42 per share, lifting its holding to 19.70%. Thatta Cement had previously acquired 28% of PSL for Rs6.45 billion, and in September 2026 reached an in-principle understanding on restructuring the hotel company to address a matter before the Islamabad High Court.