AKD Group Holdings acquires key stake in Pearl Continental Hotels chain
PSL disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
'The company has received a letter dated July 15, 2025 from AKD Group Holding (Private) Limited, formerly Aqeel Karim Dhedhi Securities (Private) Limited, wherein they have made disclosure in term of Section 110 of the Securities Act, 2015 read with regulation 4 (2) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 with respect to the acquisition of 27.95% voting shares of the company,' read the notice.
As per the notice, AKD Group Holdings (Private) Limited, along with its subsidiary AKD Securities Limited, acquired on July 14, 2025, 9,089,651 voting shares of Pakistan Services Company at a rate of Rs700/- per share, which amounts to over Rs6.36 billion.
On account of this acquisition, AKD Group Holdings' total shareholding in Pakistan Services Limited is 9,089,651 shares, which represents 27.95% of the total issued voting shares of the company, it said.
Pakistan Services Limited is principally engaged in the hotel business and owns and manages the chain of Pearl Continental Hotels.
As per the company's information available on PSX, PSL also owns a small-sized property in Lahore, operating under the budget hotel concept.
PSL also grants a franchise to use its trade mark and name 'Pearl Continental'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 days ago
- Express Tribune
HBL PSL franchises to receive Rs970 million each
Each franchise participating in the 10th season of the Pakistan Super League (PSL) is expected to receive approximately Rs 970 million (Rs 97 crore) as their share from the central revenue pool. However, this amount will be subject to deductions for player fees and other operational expenses. According to details, PSL Season 10 was held this year in April and May, with Lahore Qalandars winning the trophy for the third time. Sources reveal that in a recent Finance Committee meeting, league officials informed franchises that each team is expected to receive around Rs 970 million from the central revenue pool, similar to the earnings from Season 9. However, this cannot be considered pure profit as it excludes costs such as player salaries, travel, accommodation, and other expenses. Additionally, teams generate revenue through their individual sponsorship deals, and most teams will still end up in profit. However, Multan Sultans, which pays the highest franchise fee (over Rs 1 billion), is once again expected to incur a loss. Final accounts are still being reviewed, and minor adjustments are possible. The franchise has been waiting for their 50% share, which has been due since July 5. A major issue for the PCB is the pending recovery of dues from certain stakeholders, which remains unresolved. Some franchises also submitted their final account sheets late, delaying the remaining 30% payment to players. According to the policy, 70% of player payments are made during the tournament, with the remaining 30% paid afterward. The PCB directly handles player payments. Sources state that after the tournament ends, teams send in their account sheets, specifying how much each player is owed. According to contracts, a player receives 50% of the fee if they miss matches due to injury and 20% if they remain unselected. Some teams, however, do not enforce any deductions. Similarly, some franchises follow a team-wide bonus distribution policy, where awards like Man of the Match are divided equally among all team members. Franchises also offer their own bonuses and awards. Hotel and flight arrangements may also change, making these account sheets crucial for final payments. The board expects to complete all remaining player payments within the next few days. On the other hand, PSL operations remain sluggish. The newly appointed COO Salman Naseer, currently managing with a two-person team, Salman has been engaged in Asia Cup matters. One of his temporary appointment being made permanent has surprised some franchises. Renowned for his work with players, Manager of Player Acquisition Shoaib Khalid recently resigned, creating further challenges in finding a suitable replacement for handling player contracts. Ahead of PSL Season 11, several key matters still remain pending, including sponsorship deals, media rights, franchise valuations, fee revisions, and the addition of two new franchises. As of yet, no announcement has been made regarding the new season window.
Business Recorder
2 days ago
- Business Recorder
OM International to acquire majority stake in Grays Leasing
Grays Leasing Limited announced on Wednesday that it had received a firm intention from OM International Private Limited to acquire up to 75.43% (16,217,566 ordinary shares) of the company. The company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) today. OM International Private Limited intends to control the Grays Leasing, 'beyond the thresholds prescribed under section 111 of the Securities Act, 2015'. 'This intention has been notified to the board of directors of the Target Company on 29 July 2025,' the notice read. Grays Leasing Limited is a public limited company incorporated in Pakistan under the Companies Ordinance, 1984 (Now Companies, 2017). It is engaged in the leasing business and has been classified as a Non-Banking Finance Company (NBFC).
Business Recorder
24-07-2025
- Business Recorder
Australian shares flat as tech, energy offset losses in miners, gold stocks
Australian shares were little changed on Thursday, as gains in tech and energy stocks offset losses in gold and mining counters, while Fortescue jumped on record quarterly shipments and Macquarie fell after posting a drop in first-quarter profit. The S&P/ASX 200 index was flat at 8,735.90 points as of 0028 GMT, after rising 0.7% on Wednesday. Energy stocks added 0.3%, with Woodside Energy up 1.5%. Oil prices advanced on hopes that progress in talks between the U.S. and its key trade partners ahead of the August 1 deadline would ease pressure on the global economy, while a drop in U.S. crude stocks last week signalled solid demand. Technology stocks rose 0.5%, mirroring gains in overseas peers. ASX-listed shares of Xero grew 0.3%, while those of NEXTDC rose 0.8%. Bucking the trend, gold stocks shed more than 2.5% to lead the benchmark lower, as bullion prices weakened. Northern Star Resources dropped 3%, while Genesis Minerals lost 1.3%. Financials slid 0.2%, with Macquarie slipping 5% after reporting a first-quarter net profit decline and announcing the departure of Chief Financial Officer Alex Harvey. The top investment bank was the biggest laggard on the sub-index. Miners eased 0.2%, as iron ore prices fell. Rio Tinto dropped 0.4%. In contrast, Fortescue gained more than 5% after fourth-quarter shipments hit the top end of its fiscal 2025 guidance. In company news, Lynas Rare Earths reported fourth-quarter revenue beat. The world's largest producer of rare earth minerals outside China said it had entered into a magnet manufacturing deal with Korea's JS Link. Shares grew more than 4%. Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.2% to 12,823.99.
