Pakistan Services Limited (PSEL) announced on Tuesday that Thatta Cement Company Limited had acquired PSEL’s 28% voting shares.
The development was shared in a notice to the Pakistan Stock Exchange (PSX) today.
The notice informed that Thatta Cement has acquired 9,107,800 shares of PSEL for Rs710 per share, which amounts to Rs6.45 billion.
“On account of this acquisition, our total shareholding in Pakistan
Services Limited has 9,107,800 voting shares, which represent 28% of the total issued voting shares of the company,” read the notice.
Back in July, AKD Group Holdings (Private) Limited, formerly known as Aqeel Karim Dhedhi Securities (Private) Limited, acquired a significant 27.95% stake in Pakistan Services Limited for Rs6.36 billion.
Pakistan Services Limited is principally engaged in the hotel business and owns and manages the chain of Pearl Continental Hotels.
As per the company’s information available on PSX, PSEL also owns a small-sized property in Lahore, operating under the budget hotel concept.
PSEL also grants a franchise to use its trade mark and name “Pearl Continental”.
