By Iftikhar Mashwani
RAWALPINDI: Fauji Foundation has entered Pakistan’s hospitality and tourism sectors by acquiring a 19.70 percent voting stake in Pakistan Services Limited (PSX: PSEL), the owner and operator of the Pearl-Continental (PC) hotel chain, in a transaction valued at approximately Rs. 6.55 billion.
According to a disclosure submitted to the Pakistan Stock Exchange (PSX) on November 3, 2026, Fauji Foundation purchased 6,406,797 shares of Pakistan Services Limited on November 2 at Rs. 1,022.42 per share. The acquisition represents the foundation’s entire shareholding in the company.
Pakistan Services Limited confirmed receiving a formal notice from Fauji Foundation dated November 2. The disclosure was filed under Section 110 of the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
The foundation also submitted the required information to the PSX, Pakistan Services Limited, and the Securities and Exchange Commission of Pakistan (SECP).
Pakistan Services Limited operates Pearl-Continental Hotels, Pearl-Continental Residences, Hotel One, and other hospitality businesses across the country.
Acquisition at a Premium Fauji Foundation’s purchase price of Rs. 1,022.42 per share is significantly higher than the rates paid in previous transactions involving Pakistan Services Limited.
Thatta Cement acquired a 28 percent stake in the company in October 2025 at Rs. 710 per share, while AKD Group purchased a 27.95 percent stake in July 2025 at Rs. 700 per share. Fauji Foundation’s acquisition price is approximately 44 percent higher than Thatta Cement’s transaction.
Ownership Dispute Continues
The acquisition comes amid a prolonged ownership dispute involving the Hashwani Group, AKD Group Holdings, and Thatta Cement.
The competing transactions have triggered legal proceedings over control of approximately 56 percent of the company’s voting shares.
In September 2026, reports suggested a possible settlement involving the division of five PC hotels between Thatta Cement and Fauji Foundation. However, Pakistan Services Limited had denied having formal knowledge of the reported arrangement.
Fauji Foundation’s latest acquisition marks another significant development in the ongoing ownership battle.
