Thatta Cement Company Limited has acquired a significant stake in Pakistan Services Limited (PSL), the company that owns and operates the Pearl Continental hotel chain across Pakistan.
According to a stock filing on Tuesday, Thatta Cement purchased 9,107,800 voting shares of PSL at a price of Rs. 710 per share, raising its total shareholding in the company to 28% of the issued voting shares.
The acquisition was formally disclosed to the Pakistan Stock Exchange (PSX), the Securities and Exchange Commission of Pakistan (SECP), and PSL’s management, in compliance with the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
Thatta Cement’s board of directors includes Kamran Munir Ansari, Khawaja Muhammad Salman Younis, Saleem Zamindar, Naheed Memon, Noor Muhammad, Allamuddin Bullo, and Shaista Bano Gilani.
The move marks a major development in the hospitality and cement sectors, as Thatta Cement strengthens its presence in one of Pakistan’s leading hotel groups. PSL operates Pearl Continental hotels in major cities including Karachi, Lahore, Rawalpindi, Bhurban, Muzaffarabad, and Malam Jabba.
The transaction does not currently involve any board representation for Thatta Cement on PSL’s board.
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