Firm that owns, runs PC hotels chain says multibillion rupee deal not divestment

KARACHI: Pakistan Services Ltd (PSL), operator of the Pearl-Continental hotel chain, has described a recent multi-billion-rupee share transaction as a strategic financing arrangement aimed at consolidating its ownership structure, clarifying that the deal does not constitute a divestment.

In a statement issued on Tuesday, PSL said its controlling shareholder, Hashoo Group, had entered into a strategic arrangement with Dawood Jan Muhammad and AKD Group regarding PSL shares, but retains full control over the company’s board and operations.

“This transaction aims to consolidate and streamline the group’s shareholding,” the company said. “Control remains entirely with the Hashoo Group and the Hashwani family.”

PSL also reassured stakeholders that the deal will not impact the strategic direction, board composition, daily operations or employees of PSL. “Our commitment to delivering exceptional hospitality services remains unwavering,” the statement said. The group said it will continue working with partners to improve financial resilience and support sustainable growth. PSL, a leading player in Pakistan’s tourism and hospitality sector, operates nine hotels and one subsidiary in the country.