Thatta Cement Company Limited has signed a definitive agreement with Fauji Foundation for the proposed restructuring of Pakistan Services Limited, the owner and operator of Pearl Continental (PC) hotels.
In a notice submitted to the Pakistan Stock Exchange on November 11, 2026, Thatta Cement confirmed that it had entered into the agreement with Fauji Foundation. The proposed restructuring is still subject to corporate, regulatory, and other required approvals.
The disclosure was made under Clause 5.6.1 of the Pakistan Stock Exchange Regulations and Section 96 of the Securities Act, 2015. It was signed by Thatta Cement Chief Executive Officer Kamran Munir Ansari.
The agreement follows a prolonged ownership dispute over Pakistan Services, which owns the Pearl Continental hotel chain.
The dispute intensified in 2025 after AKD Group Holdings acquired a 27.95 percent stake in the company, while Dawood Jan Mohammad purchased another 28 percent of its voting shares.
Thatta Cement later acquired a 28 percent stake in October 2025 for approximately Rs. 6.45 billion, triggering a legal dispute over ownership and management that reached the Islamabad High Court.
In September 2026, reports emerged about a proposed settlement under which ownership of five PC hotels would be divided between Thatta Cement and Fauji Foundation.
Under the reported arrangement, Thatta Cement would receive the Karachi and Rawalpindi properties, while Fauji Foundation would take control of the Lahore, Bhurban, and Muzaffarabad hotels.
Thatta Cement announced an in-principle understanding on September 10. Fauji Foundation subsequently acquired a 19.70 percent stake in Pakistan Services for approximately Rs. 6.55 billion in November.
The latest agreement marks another step towards resolving the ownership dispute. However, the companies have not disclosed the final terms of the restructuring or officially confirmed the proposed division of the five hotels.
