Pakistan’s cement maker invests PKR 6.5B in hospitality firm

Pakistan’s Thatta Cement Company Limited (TCCL) has purchased over nine million voting shares in a hospitality company worth around PKR 6.5 billion, TCCL said in a statement.

TCCL CEO Kamran Munir Ansari said his company acquired 9,107,800 voting shares of Pakistan Services Limited (PSL) on October 13 at the rate of PKR 710 per share.

This represents 28% of the total issued voting shares of PSL.

Incorporated in 1980 as a public limited company, the TCCL manufactures and markets clinker and cement. It has a factory in the Thatta district in southern Sindh province.

Meanwhile, PSL owns and operates the chain of Pearl Continental Hotels across Pakistan.

Ansari said the “strategic investment” aligned with TCCL’s “diversification and long-term value creation strategy” and demonstrates “confidence in Pakistan’s hospitality sector and growth potential”.

Long-term sukuk

TCCL has also closed a PKR 5.5 billion long-term rated, secured, listed, and privately placed Islamic Sukuk, the company’s CEO announced on Monday.

“This transaction strengthens our capital structure and supports future growth initiatives,” Ansari said in a statement. “It reflects the confidence of investors and financial institutions in TCCL’s transparent governance and strategic vision.”

Ansari said the company demonstrated strong profitability with stable sales performance.

The gross sales stood at PKR 11.14 billion, net sales at PKR 7.57 billion and gross profit at PKR 2.15 billion. “Earnings per share of the company stood at PKR 30.18 per share to its shareholders after recording profit after tax of PKR 2.56 billion”.

“Despite a challenging macroeconomic environment, we have maintained profitability and operational efficiency while focusing on cost-saving measures,” said Ansari.

He said the company paid PKR 5.5 billion in income tax, excise duty, sales tax, and other levies to the government.