Fauji Foundation has acquired a 19.70% voting stake in Pakistan Services Limited for approximately Rs6.55 billion, or $23.7 million. The purchase adds another major investor to the company that owns and manages the Pearl Continental hotel chain.
Pakistan Services disclosed the transaction to the Pakistan Stock Exchange on Tuesday. Fauji Foundation purchased 6,406,797 voting shares on November 2, 2026, at Rs1,022.42 each.
The acquisition takes the foundation’s total holding to 19.70% of the company’s voting shares. Pakistan Services said it received the foundation’s disclosure letter dated November 2.
Acquisition disclosure details
The company notified the exchange under Section 110 of the Securities Act, 2015, and the applicable takeover regulations.
“The company has received a letter dated November 02, 2026 from Fauji Foundation wherein they have made disclosure in terms of Section 110 of the Securities Act, 2015 read with Regulation 4 (2) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 with respect to the acquisition of 19.70 % voting shares of the company.”
The disclosed share count and purchase price put the transaction’s value at approximately Rs6.55 billion.
The foundation reported no persons acting in concert with it in the acquisition. It also disclosed that it currently has no nominee director on Pakistan Services’ board.
The filing did not announce a change in management or identify the transaction as a transfer of control. The purchase gives Fauji Foundation a substantial minority holding in the listed hotel operator.
Pearl Continental owner’s hotel business
Pakistan Services dates back to December 6, 1958, when it incorporated as a public limited company. It trades on the Pakistan Stock Exchange under the symbol PSEL.
Its principal business involves owning and managing Pearl Continental hotels. The company also grants franchises allowing other operators to use its trademark and name.
Alongside its main hotel business, Pakistan Services owns a smaller property in Lahore that operates under the budget hotel concept. Its established hospitality portfolio places the latest transaction within Pakistan’s listed hotel sector.
Earlier share purchases and restructuring talks
The acquisition follows several significant changes in Pakistan Services’ ownership.
In July 2025, AKD Group Holdings (Private) Limited acquired a 27.95% stake for more than Rs6.36 billion. On the same day, Dawood Jan Mohammad acquired 28% of the company’s voting shares at Rs700 each.
Thatta Cement subsequently announced a 28% stake purchase for approximately Rs6.45 billion, paying Rs710 per share.
In September 2026, Thatta Cement reached an in-principle understanding concerning a proposed restructuring of Pakistan Services.
Pakistan Services later confirmed negotiations aimed at amicably resolving a matter before the Islamabad High Court. Its September 14 disclosure identified the proceedings as Companies Original No.17 of 2025.
The company said definitive agreements would finalise the restructuring terms, with further developments requiring disclosure communicated to the exchange and relevant authorities.
