Thatta Cement Company Limited has reached an in-principle understanding regarding the proposed corporate restructuring of Pakistan Services Limited. The listed cement manufacturer, which also maintains ownership of Thatta Power (Private) Limited, formally disclosed this strategic development to investors through a regulatory notice submitted to the Pakistan Stock Exchange on Thursday. The company clarified that the proposed reorganization remains strictly subject to the finalization of definitive agreements, the details of which will be communicated to the bourse in due course.
Pakistan Services Limited, originally established in 1958 as a public limited company under the earlier Companies Act of 1913, is a major player in the country’s hospitality sector. The company’s core business revolves around owning and managing the widespread chain of Pearl Continental Hotels. Alongside its flagship luxury properties, it grants commercial franchises for the use of its renowned “Pearl Continental” trademark and operates a smaller budget hotel property located in Lahore.
This restructuring announcement follows a turbulent period of aggressive shareholding shifts and subsequent legal interventions over the past year. The corporate landscape of the hospitality giant began to shift significantly in July 2025 when AKD Group Holdings (Private) Limited acquired a 27.95 percent stake in the company for over Rs6.36 billion. Concurrently, investor Dawood Jan Mohammad secured a 28 percent block of the company’s voting shares at a rate of Rs700 per share.
The consolidation of ownership continued in the following months. On October 14, 2025, Thatta Cement Company Limited announced its own major market play, acquiring a 28 percent stake in Pakistan Services Limited for Rs6.45 billion, translating to an acquisition price of Rs710 per share.
These rapid acquisitions eventually triggered high-level legal scrutiny. On February 24, 2026, Pakistan Services Limited was forced to defer its scheduled director elections following direct intervention from the Islamabad High Court. The judicial directives temporarily suspended all corporate operations related to the recent share acquisitions and board elections. The court mandated a strict status quo concerning the hospitality company’s shareholding structure, the composition of its Board of Directors, and its overarching management control. The newly announced restructuring understanding likely signals a strategic attempt by the major stakeholders to navigate and resolve this complex corporate and legal deadlock.