Fauji Foundation has bought a 19.70% stake in Pakistan Services Limited, the operator of the Pearl Continental hotel chain, for about Rs6.55 billion ($23.7 million), the company said in a regulatory filing Tuesday.
The conglomerate acquired 6,406,797 voting shares at Rs1,022.42 apiece on Nov. 2, according to the notice filed with the Pakistan Stock Exchange. The purchase was disclosed under Section 110 of the Securities Act, 2015.
PSL said it received a letter dated Nov. 2 from Fauji Foundation detailing the acquisition, made in line with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
Founded in 1958, PSL owns and manages the Pearl Continental hotels, franchises its trademark and name, and runs a budget hotel in Lahore.
The deal adds to a series of major ownership changes at the company. In July last year, AKD Group Holdings acquired a 27.95% stake for more than Rs6.36 billion, while Dawood Jan Mohammad bought 28% of voting shares at Rs700 each the same day. Thatta Cement Company Limited later announced a 28% stake purchase for Rs6.45 billion, or Rs710 per share.
In September 2026, Thatta Cement said it had reached an in-principle understanding on a proposed restructuring of PSL to resolve a matter pending before the Islamabad High Court.
