Thatta Cement takes 28% stake in Pakistan Services Ltd

October 14, 2025 (MLN): Thatta Cement Company Limited (THCCL) has aggressively expanded its portfolio with a significant acquisition in the hospitality sector as it purchased a substantial block of shares in Pakistan Services Limited (PSL). 

PSL is the holding company for the Pearl Continental Hotel chain.

In a regulatory filing to the Pakistan Stock Exchange (PSX) on Tuesday, Thatta Cement disclosed the acquisition of 9,107,800 voting shares of Pakistan Services Limited on October 13, 2025.

The transaction was executed at a rate of Rs 710 per share, valuing the total investment at approximately Rs6.47 billion ($23.3 million USD).

This strategic move grants Thatta Cement a 28% total ownership stake in Pakistan Services Limited, the filing stated.

The substantial purchase follows Thatta Cement's earlier announcement of plans to either expand its existing production capacity or acquire an operational company, potentially utilizing funds raised through a recently approved Rs5.5 billion Sukuk.

The acquisition represents a major diversification push by the cement manufacturer into the hospitality and tourism industry.

Pakistan Services Limited (PSL), which operates the Hashoo Group's hospitality portfolio, has seen notable trading activity in recent weeks.

The per-share purchase price of Rs 710 is substantially lower than the market price for PSL shares on the transaction date of October 13, 2025, which closed at Rs 820.

The discount suggests the block of shares may have been acquired through an off-market transaction or a strategic agreement rather than through open-market trading.

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