Thatta Cement and Fauji Foundation Sign Definitive Agreement to Restructure Pearl Continental Owner

Thatta Cement Company Limited has entered a definitive agreement with Fauji Foundation on the proposed restructuring of Pakistan Services Limited, which owns and manages the Pearl Continental hotel chain. Business Recorder reported the agreement in a filing to the Pakistan Stock Exchange on Wednesday.

Thatta Cement's Definitive Agreement With Fauji Foundation

Thatta Cement disclosed the agreement in a notice to the Pakistan Stock Exchange. The notice said the definitive agreement with Fauji Foundation covers the proposed restructuring of Pakistan Services and is subject to the requisite corporate, regulatory and other necessary approvals.

"Thatta Cement Company Limited has entered into a definitive agreement with Fauji Foundation in relation to the proposed restructuring of Pakistan Services Limited, subject to the requisite corporate, regulatory and other necessary approvals," the notice read.

The agreement follows Fauji Foundation's acquisition of a 19.70% stake in Pakistan Services for approximately Rs6.55 billion, or $23.7 million. Fauji Foundation acquired 6,406,797 voting shares on November 2, 2026, at Rs1,022.42 per share, taking its total shareholding to 19.70% of voting shares.

Pakistan Services was established in 1958 as a public limited company. Its primary business is owning and managing the Pearl Continental chain of hotels, and it also grants franchises for the use of its trademark and name and operates a smaller budget hotel property in Lahore.

Pakistan Services has seen significant changes in shareholding in recent years. In July last year, AKD Group Holdings (Private) Limited acquired a 27.95% stake for over Rs6.36 billion, and on the same day Dawood Jan Mohammad acquired 28% of voting shares at Rs700 per share. Thatta Cement then announced its acquisition of a 28% stake for Rs6.45 billion, or Rs710 per share. In September 2026, Thatta Cement reached an in-principle understanding for a proposed restructuring of Pakistan Services to amicably resolve the matter pending before the Islamabad High Court, as Business Recorder reported on September 10, 2026.

Thatta Cement's Plant and Listing Record

According to akta.pro company records, Thatta Cement commissioned a 4.8 MW wind power project at its Thatta plant in April 2025 to supply captive renewable energy and reduce carbon intensity. The company's original installed capacity was 1000 tons per day of clinker, increased by 50% after privatization in 2004. Thatta Cement has been quoted on the Pakistan Stock Exchange under the symbol THCCL since its 2008 listing.

Hotel Management Deals Elsewhere

Remington Hospitality took over the 396-room Hyatt Regency Buffalo in August, American City Business Journals reported on November 10, 2026. Travail Hospitality acquired the 179-key Hilton Dublin Airport and named Valor Hospitality as management partner, Hospitality Net reported on November 10, 2026. AD1 Hospitality assumed management of the 118-room Cambria Hotel Orlando Universal Blvd, EIN Presswire reported on November 3, 2026.