- September 10, 2026
- Posted by: Tresmark
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Thatta Cement Company Limited (THCCL) has reached an in-principle understanding to restructure Pakistan Services Limited (PSL), subject to the finalisation of definitive agreements.
The cement company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday, stating that further details would be communicated once the relevant agreements are finalised.
Pakistan Services Limited, established in 1958, primarily owns and operates the Pearl Continental hotel chain and also manages related franchise operations.
The company has seen major changes in its ownership structure over the past year. AKD Group Holdings acquired a 27.95% stake in PSL in July 2025, while Dawood Jan Mohammad separately acquired around 28% of the company’s voting shares.
Thatta Cement subsequently announced in October 2025 that it had acquired a 28% stake in PSL for Rs6.45 billion, at Rs710 per share.
The ownership changes were followed by legal proceedings. In February 2026, PSL deferred its director elections after the Islamabad High Court suspended actions related to share acquisitions and board elections, directing that the existing shareholding, board composition and management control remain unchanged.
The proposed restructuring marks a further development in the ongoing changes surrounding PSL, although its completion remains dependent on the execution of definitive agreements.
