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In a potentially coordinated move, two firms acquired a combined 56pc stake in Pakistan Services Limited (PSL), the company that owns and manages the Pearl Continental (PC) Hotel chain, raising speculation of a possible board takeover.
As per filings submitted to the Pakistan Stock Exchange (PSX) under the Securities Act 2015, investor Dawood Jan Muhammad purchased 28pc of PSL shared on July 14, 2025. The transaction involved 9,107,800 shared at Rs700 each, totaling over Rs6.37 billion.
On the same day, AKD Holding acquired 27.9pc of PSL by purchasing 9,089,651 shared, also at Rs700 per share, valued at more than Rs6.3 billion.
Combined, the two purchases total 18,197,550 shares, approximately 56pc of PSL’s total equity, worth over Rs12 billion. Market analysts say this level of ownership is sufficient to seize control of the company’s board.
Topline Securities Chief Executive Officer (CEO) Mohammed Sohail confirmed that 55.95pc stake is enough to take over PSL’s management. He noted the deal may be viewed as hostile, though it’s also possible both parties coordinated the purchase with mutual understanding.
Earlier, PSL had notified PSX about the postponement of its board meeting scheduled for June 30, 2025. The company currently operates nine hotels and one subsidiary across Pakistan.
Following the acquisitions, PSL’s stock price surged from Rs782 on July 11 to Rs1,050 by July 20, an increase of 10pc.
