Pakistan, Oct. 15 -- Thatta Cement Company Limited (TCCL) has taken a major step toward diversification. It has acquired a 28% stake in Pakistan Services Limited (PSL), which operates Pearl Continental Hotels across Pakistan. The deal is valued at Rs6.5 billion, with 9.1 million shares purchased at Rs710 per share. This move marks TCCL's entry into the hospitality sector, expanding its business beyond the cement industry. The company aims to grow its portfolio and create long-term value for shareholders.

At the same time, TCCL strengthened its financial position through a Rs5.5 billion Islamic Sukuk. The Sukuk is rated, secured, listed, and privately placed. This helps the company improve its capital base and fund future growth. The succ...