Pearl Continental owner says ‘not a party’ to Thatta Cement-Fauji Foundation restructuring deal
Business Recorder • • 1 min read
Pakistan Services Limited says it was neither informed of nor involved in the definitive agreement that Thatta Cement Company (THCCL) disclosed with Fauji Foundation for a proposed restructuring of Pakistan Services. Business Recorder reported the company’s response on Thursday, a day after Thatta Cement’s filing with the Pakistan Stock Exchange. Neither disclosure provided details of the proposed arrangement or its valuation.
Fauji Foundation recently bought 19.70% of Pakistan Services for about Rs6.55 billion, acquiring 6,406,797 voting shares on November 2, 2026, at Rs1,022.42 each. Thatta Cement had earlier announced a 28% holding in Pakistan Services and said in September 2026 that it had reached an in-principle understanding on restructuring. The company’s hotel business includes the Pearl Continental chain.
At a glance
- Pakistan Services says it was not party to the restructuring agreement disclosed by Thatta Cement.
- Fauji Foundation acquired 19.70% of Pakistan Services for approximately Rs6.55 billion.
- The filings did not state the restructuring’s terms or valuation.
Originally reported by Business Recorder
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