Fauji Foundation has acquired a 19.70% voting stake in Pakistan Services Limited for about Rs6.55 billion, or $23.7 million, according to a company disclosure to the Pakistan Stock Exchange (PSX), the country’s main bourse. The foundation bought 6,406,797 voting shares on 2 November 2026 at Rs1,022.42 per share. Pakistan Services said the holding makes up 19.70% of its voting shares and that it received a letter from Fauji Foundation dated the same day.
How the stake was disclosed
Pakistan Services told the exchange it had been notified under Section 110 of the Securities Act, 2015 — the law that requires buyers to declare large share purchases — read with Regulation 4(2) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Fauji Foundation said the same rules guided the deal and filed the required notice with the PSX, Pakistan Services, and the Securities and Exchange Commission of Pakistan (SECP), the market regulator.
The company asked for the information to be made public under the applicable rules. The disclosure identifies Fauji Foundation, a charitable trust set up to support former servicemen and their families and one of Pakistan’s largest conglomerates, as the acquirer. The filing indicates these shares are its entire holding in the firm.
Pearl Continental owner and recent share shifts
Pakistan Services Limited was formed in 1958 as a public limited company. Its main business is owning and managing the Pearl Continental hotel chain. It also licenses its trademark and name, runs a smaller budget hotel in Lahore, and operates other hospitality brands including Pearl-Continental Residences and Hotel One.
Shareholding has changed sharply in recent years. In July 2025, AKD Group Holdings (Private) Limited took a 27.95% stake for more than Rs6.36 billion, at Rs700 a share. On the same day, Dawood Jan Mohammad acquired 28% of the voting shares at Rs700 each. Thatta Cement Company Limited later bought a 28% stake for Rs6.45 billion, or Rs710 per share — a purchase dated to October 2025 in one account of the dispute.
At Rs1,022.42, Fauji Foundation’s price is about 44% higher than Thatta Cement’s Rs710. In September 2026, Thatta Cement reached an in-principle understanding on a proposed restructuring of Pakistan Services meant to settle a matter pending before the Islamabad High Court.
The ownership fight traces back to the mid-2025 purchases. The Hashwani Group, which had taken over Pakistan Services in 1985, challenged the transactions, leading to legal proceedings over control of about 56% of the voting shares. In September 2026, there were suggestions of an out-of-court path under which five Pearl Continental hotels might be split between Thatta Cement and Fauji Foundation; Pakistan Services said it had no formal knowledge of that reported plan. Those claims remain unconfirmed by the company.
Timeline: what has happened so far
- 1985: Hashwani Group acquires Pakistan Services Limited.
- July 2025: AKD Group Holdings takes 27.95% for over Rs6.36 billion (Rs700 a share); Dawood Jan Mohammad buys 28% at Rs700 the same day.
- October 2025: Thatta Cement announces a 28% stake for Rs6.45 billion (Rs710 a share).
- September 2026: Thatta Cement reaches an in-principle understanding on a proposed PSL restructuring tied to Islamabad High Court proceedings; reports of a possible five-hotel split circulate, which Pakistan Services says it has not formally seen.
- 2 November 2026: Fauji Foundation buys 6,406,797 voting shares at Rs1,022.42 each, reaching a 19.70% stake for about Rs6.55 billion.
- 3 November 2026: Pakistan Services discloses the acquisition to the PSX.
Aasan alfaaz mein
Fauji Foundation ne Pakistan Services Limited mein lagbhag 20 fiṣad hissah kharida hai. Yeh company Pearl Continental hotels chalati hai. Deal ki qeemat qareeb Rs6.55 arab hai, har share Rs1,022.42 par. Is se PC hotels ke ownership ke mamle mein aik naya bara investor shamil ho gaya hai.
