In a major diversification move, Thatta Cement Company Limited has acquired a 28% stake in Pakistan Services Limited (PSL) the operator of Pearl Continental Hotels for Rs6.47 billion, according to a notice filed with the Pakistan Stock Exchange (PSX).
Thatta Cement, primarily known for its cement manufacturing and renewable energy projects, had earlier announced a Rs5.5 billion Sukuk issuance to fund its expansion or acquire an operational business. This acquisition marks a strategic shift as the company diversifies into Pakistan’s hospitality and services sector.
The company purchased 9,107,800 voting shares of Pakistan Services Limited at Rs710 per share under Section 110(1) of the Securities Act, 2015. The transaction was finalized on October 13, 2025, bringing Thatta Cement’s total holding in PSL to 9.1 million shares.
“This acquisition aligns with our long-term vision to diversify income sources and strengthen Thatta Cement’s position across multiple industries,” said a company spokesperson.
Pakistan Services Limited, the owner and operator of Pearl Continental Hotels, is one of the country’s most recognized hospitality brands with properties in major cities including Karachi, Lahore, Islamabad, and Bhurban.
The move comes after Thatta Cement’s recent investments in renewable energy, including a 4.8MW wind power project commissioned in April 2025, raising its total green energy capacity to 9.8MW.
Financial Overview
| Company | Stake Acquired | Shares Purchased | Price per Share (Rs) | Total Value (Rs) | Completion Date |
| Thatta Cement Co. Ltd. | 28% | 9,107,800 | 710 | 6.47 Billion | Oct 13, 2025 |
Thatta Cement reported a profit of Rs2.34 billion in FY25, an 83% increase from the previous year’s Rs1.28 billion, with earnings per share rising to Rs28.28.
Industry analysts view this acquisition as a strategic step toward diversification, enabling Thatta Cement to tap into the rapidly recovering tourism and hospitality sector.
“This move strengthens Thatta Cement’s growth outlook and aligns with its sustainability and expansion strategy,” said an industry analyst.