KARACHI: Fauji Foundation, one of Pakistan’s largest conglomerates, has acquired a 19.70% stake in Pakistan Services Limited for approximately 6.55 billion rupees ($23.7 million), the company disclosed in a notice to the Pakistan Stock Exchange on Tuesday.

Fauji Foundation purchased 6,406,797 voting shares of Pakistan Services on Nov. 2 at 1,022.42 rupees per share, bringing its total shareholding in the company to 19.70% of its voting shares, according to the disclosure.

The acquisition was notified under Section 110 of the Securities Act, 2015. Pakistan Services said it received a letter dated Nov. 2 from Fauji Foundation regarding the stake purchase.

“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 notice said.

Pakistan Services Limited was established in 1958 as a public limited company. Its primary business involves owning and managing the Pearl Continental chain of hotels. It also grants franchises for the use of its trademark and name and operates a smaller budget hotel property in Lahore.

The company has seen significant changes in shareholding in recent years.

In July last year, AKD Group Holdings (Private) Limited acquired a 27.95% stake in PSL for over 6.36 billion rupees. On the same day, Dawood Jan Mohammad acquired 28% of PSL’s voting shares at 700 rupees per share.

Following this, Thatta Cement Company Limited announced its acquisition of a 28% stake in PSL for 6.45 billion rupees (710 rupees per share).

In September 2026, Thatta Cement Company Limited reached an in-principle understanding for a proposed restructuring of PSL to amicably resolve a matter pending before the Islamabad High Court.