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.
 Pearl-Continental Hotel in Karachi | |
| Formerly | InterContinental Hotels |
|---|---|
| Company type | Public |
| PSX: PSEL KSE 100 component | |
| Industry | Hospitality |
| Founder | Government of Pakistan |
| Headquarters | , 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 |
|
| Revenue |  Rs. 13.26 billion (US$46 million)[1] (2023) |
 Rs. 67.77 million (US$230,000)[1] (2023) | |
| Rs. -218.27 million (US$−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 pchotels |
History
[edit]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
[edit]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
[edit]- ^ a b c d e f "PSL Annual Report 2023" (PDF). psl.com.pk. Retrieved 30 November 2023.
- ^ 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.
- ^ "Pearl Continental Hotel Karachi". www.pchotels.com. Retrieved 2016-06-18.
- ^ "Luxury hotels plan expansion in Pakistan". www.thenews.com.pk. Retrieved 2016-06-18.
- ^ Web Archive taken from original
- ^ Original taken from Archive
- ^ Archive from Original
- ^ "Hashoo Group To Launch PC LEGACY Hotel In Hunza". The Nation. 26 Feb 2021. Retrieved 14 July 2022.
- ^ "CEO of Hashoo Group unveils PC Legacy Nasirabad Hunza". The Nation. 31 May 2023. Retrieved 29 March 2024.
- ^ a b c "Two firms acquire 56% stake in PC hotels chain". www.thenews.com.pk. Retrieved 2025-07-23.
- ^ a b c Report, Profit (2025-07-21). "AKD-led consortium buys majority stake in Pearl Continental Hotels". Profit by Pakistan Today. Retrieved 2025-07-23.