The PC Hotel ownership battle has taken a dramatic new turn.
ISLAMABAD — The Pearl Continental hotel chain has been caught in a fresh storm of speculation, with reports claiming five of its properties could be built between Thatta Cement and the Fuji Foundation, though the company itself says it has no knowledge of the alleged arrangement.
Pakistan Services Limited, the owner and operator of the Pearl Continental chain, moved to address the reports circulating on September 7, telling the Pakistan Stock Exchange that it had not been informed of any such developments.
The company said it has neither received information about the reported plan nor contacted any shareholder about the alleged divestment of its hotel business. With no formal information at hand, PSEL said it was therefore unable to comment further.
The denial comes against the backdrop of a huge battle for control of Pakistan Services, where a dispute over about 56 percent of the company’s voting rights is in court.
Unconfirmed reports point to a possible out-of-court settlement that could dramatically change the ownership landscape around Pakistan Services’ hotel assets. According to the reported proposal, PC Karachi and PC Rawalpindi could possibly come under Thatta Cement while PC Lahore, PC Bhorban and PC Muzaffarabad could reportedly be transferred to the Fuji Foundation.
If ever completed, such an arrangement would represent a major transformation involving some of the country’s most popular hospitality properties. But the division reported by Pakistan Services has not been officially announced, finalized or confirmed. For now, the alleged hotel breakup is a reported proposal rather than a full corporate transaction.
A major point of contention is the long-running dispute over the substantial voting interest in the Pakistan Services. The legal battle dates back to 2025, when a transaction involving a large block of PSEL shares sparked a clash over ownership and corporate control. The Hashwani Group, interests related to AKD, Dawood Jan Muhammad and later Thatta Cements have been in conflict.
The dispute was not limited to the ownership of shares. The legal proceedings include challenges related to the acquisition and transfer of disputed shares as well as the proposed election of PSEL’s board.
The Islamabad High Court has previously dealt with matters related to disputed shares, corporate control, board elections and management of Pakistan Services. And the legal saga is far from over.
Pakistan Services confirmed that cases related to its shareholding are pending in the Islamabad High Court. This means that questions of underlying ownership and control remain before the court and a final court decision has yet to be received. Against this backdrop, reports of an out-of-court settlement have added another layer of intrigue to an already complex corporate dispute.
Yet PSEL’s latest clarification makes it clear that the company has not been formally reported to be in development, at least based on the information available to it.
Despite speculation, the transfer of five Pearl Continental hotels has not been confirmed. Pakistan Services is the owner and operator of the PC Hotel chain, while its corporate business includes hotel operations as well as franchising of the Pearl Continental name and trademark.
Established in 1958, Pakistan Services has made Pearl Continental one of the leading domestic hotel brands in Pakistan. The company’s latest statement also indicates that any material developments affecting its business will be disclosed through appropriate regulatory channels.
The situation is now closely watched by investors. On one side is an unresolved legal battle over high-stakes voting. On the other hand is a reported settlement that, if it ever materializes, could potentially remap the ownership of five major Pearl Continental properties.
But at the moment, there is no confirmation of the hotel break-up, no full settlement and no official announcement from PSEL supporting the reported transfer.
The post PC Hotel ownership war has taken a new dramatic turn appeared first on Daily Pakistan English News.
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