Thatta Cement Company Limited has confirmed that it has reached an in principle understanding on the proposed restructuring of Pakistan Services Limited, although the final terms have yet to be agreed and definitive agreements are still pending.
In a disclosure to the Pakistan Stock Exchange on Thursday, Thatta Cement said the understanding remains subject to the finalization of definitive agreement or agreements, which will be communicated to the exchange in due course.
The disclosure comes days after reports that a proposed out of court settlement could resolve a long running dispute over control of Pakistan Services, the owner and operator of the Pearl Continental hotel chain. Pakistan Services had said on Sept. 7 that it was not aware of the reported arrangement and had received no information from any shareholder.
According to earlier media reports, the proposed settlement could involve the division of five Pearl Continental properties between Thatta Cement and Fauji Foundation.The dispute is linked to a roughly 56 percent voting stake in Pakistan Services and has been the subject of legal proceedings for more than a year.
Thatta Cement acquired about 28 percent of Pakistan Services in October 2025 and subsequently sought fresh board elections. The Islamabad High Court has been hearing cases related to the company’s shareholding and management.
The latest disclosure therefore confirms that an understanding on restructuring has been reached, but does not confirm the reported division of specific hotels or the final ownership structure. Those details will become clearer once the definitive agreements are finalized and formally disclosed.
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