Pakistan Services Limited

Pakistan Services Limited, is a Pakistani hotel chain based in Islamabad. It owns properties in Karachi, Lahore, Rawalpindi, Bhurban, Muzaffarabad and Malam Jabba, and under construction in Multan, Attabad Lake, Sukkur, and Mirpur.

Pakistan Services Limited

Pearl-Continental Hotel in Karachi
Formerly	InterContinental Hotels
Company type	Public
Traded as	PSX:  PSEL KSE 100 component
Industry	Hospitality
Founder	Government of Pakistan
Headquarters	Islamabad , Pakistan
Number of locations	Karachi, Lahore, Rawalpindi, Bhurban, Muzaffarabad, Malam Jabba, Skardu, Hunza and upcoming properties in Mirpur and Multan
Area served	Pakistan
Key people	Sadruddin Hashwani (Chairman) Murtaza Hashwani (CEO)
Revenue	Rs. 13.26 billion (US$46 million) [1]  (2023)
Operating income	Rs. 67.77 million (US$230,000) [1]  (2023)
Net income	Rs. -218.27 million (US$−760,000) [1]  (2023)
Total assets	Rs. 64.74 billion (US$220 million) [1]  (2023)
Total equity	Rs. 44.93 billion (US$160 million) [1]  (2023)
Number of employees	1,660 [1]  (2023)
Parent	Hashoo Group
Website	psl.com.pk pchotels.com

History

Pakistan Services Limited was originally founded as a state-owned company in 1958. Later, it came under the ownership of Haroon family. ^[2]

The first Pearl-Continental Hotel (Intercontinental Hotel at the time - part of an international chain) in Karachi was inaugurated by President Muhammad Ayub Khan on 10 May 1964 and was the first five-star hotel in Pakistan. It was a member of the Leading Hotels of the World for over a decade. ^{[3] [4]} A new hotel was built for Lahore and Rawalpindi in 1967 ^{[5] [6]} with another branch opening in Peshawar in 1975. ^[7]

In 2021, Hashoo group also launched a chain of four-star hotels under the brand name PC Legacy. ^[8] The PC Legacy Naran is functional and operating in Naran and another opened in Nasirabad, Hunza in 2023. ^{[9] [ relevant? – discuss ]}

AKD-led consortium buys majority stake

Two firms, Dawood Jan Muhammad and AKD Holding, have collectively acquired approximately 56% of the shares in Pakistan Services Limited (PSL), the company that owns and manages the Pearl Continental Hotels chain. ^{[10] [11]}

This acquisition, which took place on July 14, 2025, involved both firms purchasing shares at Rs700 per share. Dawood Jan Muhammad acquired 28% (worth over Rs6.37 billion), and AKD Holding acquired 27.9% (worth over Rs6.3 billion), bringing the total combined value of these purchases to over Rs12 billion. ^{[10] [11]}

This significant 56% stake is considered sufficient to take over the management of PSL's board, leading to speculation about a potential change in control. The acquisition followed the postponement of a PSL board meeting on June 30, and the company's share price had seen a notable increase between July 11 and July 20. ^{[10] [11]}

References

1. "PSL Annual Report 2023" (PDF). psl.com.pk. Retrieved 30 November 2023.
2. Levin, Sergey (1974). "The Upper Bourgeoisie from the Muslim Commercial Community of Memons in Pakistan, 1947 to 1971" . Asian Survey. 14 (3): 231–243. doi:10.2307/2643012. JSTOR   2643012.
3. "Pearl Continental Hotel Karachi". www.pchotels.com. Retrieved 2016-06-18.
4. "Luxury hotels plan expansion in Pakistan". www.thenews.com.pk. Retrieved 2016-06-18.
5. Web Archive taken from original
6. Original taken from Archive
7. Archive from Original
8. "Hashoo Group To Launch PC LEGACY Hotel In Hunza". The Nation. 26 Feb 2021. Retrieved 14 July 2022.
9. "CEO of Hashoo Group unveils PC Legacy Nasirabad Hunza". The Nation. 31 May 2023. Retrieved 29 March 2024.
10. "Two firms acquire 56% stake in PC hotels chain". www.thenews.com.pk. Retrieved 2025-07-23.
11. Report, Profit (2025-07-21). "AKD-led consortium buys majority stake in Pearl Continental Hotels". Profit by Pakistan Today. Retrieved 2025-07-23.