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Lakson Group

The Lakson Group is a major Pakistani conglomerate headquartered in , , founded in 1954 by Hasan Ali Lakhani as a trading and now one of the country's largest diversified groups with assets exceeding USD 1 billion. It operates across more than 50 cities in and internationally in the UAE and , employing over 17,000 people directly through its portfolio of over 15 companies in sectors including , , fast-moving consumer goods (FMCG), , food services, paper and packaging, , and medical equipment. The group's evolution reflects a strategic shift from initial trading ventures to building industry-leading partnerships, notably exiting the tobacco sector in 2007 by selling a 50.1% stake in Lakson Tobacco to at equal pricing for all shareholders, while maintaining joint ventures with companies like and . Under family sponsorship by the Lakhani family, Lakson emphasizes a collaborative "" model where its independent companies share resources, values, and expertise to foster mutual growth and innovation. Key holdings include the Express Media Group, Pakistan's second-largest media entity with 100% ownership by Lakson, publishing the Daily Express and Express Tribune (in partnership with the ) and operating Express News; in FMCG, for oral care and household products, and Ajinomoto Lakson Pakistan for seasonings and amino acids; SIZA Foods as the exclusive operator of with over 80 outlets; Lakson Investments managing more than USD 300 million in assets across mutual funds and ; Century Paper & Board Mills as a leading producer of packaging materials; and technology firms like Cybernet for services and StormFiber for . The group also supports , including the establishment of the Lakson Medical Complex in 1997 and a USD 6 million donation to Hospital.

Company Overview

Founding and Ownership

The Lakson Group was founded in 1954 by Hasan Ali Lakhani in , , beginning as a trading . This initial venture laid the groundwork for what would become one of 's prominent conglomerates, with the brothers leveraging their entrepreneurial vision to establish operations in a post-independence . Over the decades, the enterprise evolved from a modest family-owned trading outfit into a diversified , remaining under the control of the Lakhani family, specifically the four brothers—Sultan Ali Lakhani, Amin Muhammad Lakhani, Zulfiqar Ali Lakhani, and Iqbal Ali Lakhani—and their descendants. This generational stewardship has preserved the group's core values of integrity and innovation while expanding its footprint across multiple industries. The headquarters of the is located in , , serving as the central hub for strategic decision-making and operational coordination across its subsidiaries. As of 2025, the group maintains 100% private ownership held entirely by the Lakhani family, ensuring aligned long-term vision without external shareholder influences.

Leadership Structure

Iqbal Ali Lakhani serves as the Chairman of the , a position he has held since the , providing strategic oversight for the conglomerate's operations, including its four listed companies on the (PSX) that span sectors such as , , FMCG, and . With over 43 years of experience in top management, particularly in marketing and finance, Lakhani guides the group's diversified portfolio and ensures alignment with long-term growth objectives. The executive leadership team features prominent family members in key operational roles, blending familial stewardship with professional expertise. Babar Ali Lakhani, holding an MBA from , acts as the of Lakson Investments, managing the group's investment activities with over 20 years of experience in and markets. Other notable executives include Amin Mohammed Lakhani, CEO of SIZA Foods (operator of ) with an MBA from the , who has overseen the expansion of the fast-food chain to more than 70 outlets (as of 2025); and Zulfiqar Ali Lakhani, CEO of , also an MBA graduate from Wharton, leading the consumer goods subsidiary with 30 years in (FMCG). The board structure of the Lakson Group emphasizes family involvement at the holding level while delegating professional management to subsidiaries, fostering a balance between ownership control and . Family members from the Lakhani occupy central positions on the boards of major entities, supported by independent directors and executives to maintain robust . Governance practices within the group prioritize compliance with PSX requirements for its listed subsidiaries, including transparent reporting, audit committees, and adherence to codes to safeguard shareholder interests and regulatory standards. This framework ensures ethical operations across the conglomerate's unlisted and entities as well, aligning with broader Pakistani corporate norms.

Historical Development

Establishment and Early Expansion

The Lakson Group was established in 1954 by Hasan Ali Lakhani as a trading and manufacturing firm in , , initially focusing on import and distribution activities to meet post- market needs. The group's early operations capitalized on the burgeoning demand for consumer products, including trading in , with the formation of Lakson Tobacco Company Limited in 1969 as a key handling and in the sector. This launch aligned with 's economic policies following independence in 1947, which emphasized growth through incentives like tax holidays and protectionist tariffs on imports, enabling trading firms like Lakson to thrive amid rapid and industrial base-building. By the , Lakson began diversifying beyond initial trading into broader and networks, marking a strategic shift toward self-sustained operations in a protectionist . A pivotal entry came into (FMCG), where the group invested in production facilities to localize supply chains for everyday essentials, reducing reliance on imports and leveraging government support for . This expansion was driven by rising domestic consumption and policy frameworks that prioritized private investment in light industries, allowing Lakson to establish a foothold in consumer markets while building operational resilience. The 1970s nationalization era, initiated by President Zulfikar Ali Bhutto in 1972, introduced significant challenges through the takeover of key sectors like banking, insurance, and heavy industries to curb economic concentration among 22 influential families. Although Lakson avoided direct nationalization in its consumer-focused portfolio, the policies prompted a cautious approach, influencing the group to pursue first major investments in international partnerships rather than capital-intensive infrastructure. Notable among these was the 1977 joint venture with Colgate-Palmolive (USA) to form National Detergents Limited, later rebranded, which expanded FMCG manufacturing in personal care and household products, securing technology transfers and market access amid economic uncertainty. By the late 1970s, these moves had positioned Lakson to manage four publicly listed companies and several private entities, emphasizing joint ventures with Fortune 500 firms to sustain growth.

Key Milestones and Diversification

The Lakson Group's diversification accelerated in the with strategic entries into consumer goods and media. In 1980, it established Merit Packaging Limited, a key player in offset and gravure , marking an expansion into manufacturing. This was followed by the 1977 with , forming Colgate-Palmolive (Pakistan) Limited to produce and distribute personal care and household products, leveraging international partnerships to bolster its consumer sector presence. By the late , the group further diversified into with the incorporation of Century Insurance Company Limited in 1985, which commenced operations in 1989, addressing growing demand for solutions in Pakistan's evolving economy. The 1990s saw Lakson deepen its footprint in media and technology amid Pakistan's liberalization. In 1998, the group launched the , an Urdu-language newspaper under the Express News Group, revolutionizing distribution by basing operations in and expanding to multiple cities, thus entering the competitive print media landscape. Concurrently, it ventured into with Cybernet in 1996, establishing a nationwide and network that positioned Lakson as a pioneer in Pakistan's nascent digital infrastructure. These moves exemplified the group's shift from trading roots to technology-enabled services, enhancing connectivity in underserved regions. Entering the 2000s, Lakson targeted consumer-facing industries to capitalize on rising . In 1998, it secured the franchise for , opening the first outlet in that September and rapidly scaling to multiple cities, introducing standardized fast-food services and creating thousands of jobs. In 2007, Lakson sold its 50.21% stake in Lakson Tobacco to for approximately $340 million, marking its exit from the tobacco sector. This food services expansion complemented earlier investments, with Merit Packaging supporting supply chains for multinational brands throughout the decade. By mid-decade, these initiatives had solidified Lakson's role as a bridging , , and services. In the 2010s and , Lakson embraced digital innovation and aviation amid economic volatility. The group launched NayaPay in 2021, Pakistan's first electronic money institution licensed by the , offering digital wallets and payments to promote for underserved populations like freelancers and students. That same year, it formed a with to establish , a low-cost targeting domestic and international routes from , aiming to improve air travel affordability in . In 2017, Lakson Investments received Pakistan's inaugural license from the Securities and Exchange Commission, enabling investments in high-growth startups and fostering the country's entrepreneurial ecosystem. These developments underscored the group's adaptability, navigating challenges such as the 2022 floods—which disrupted agriculture and supply chains—and persistent inflation through diversified portfolios that mitigated sector-specific risks.

Business Operations

Core Sectors

The Lakson Group maintains a diversified presence across key sectors in , including (FMCG) focused on personal care and food products, media and entertainment, encompassing , investments, and digital payments, and such as (BPO) and fiber optics infrastructure, and , agri-business, and . These sectors form the backbone of the group's operations, leveraging synergies from international partnerships to address domestic market needs. The strategic rationale for this diversification lies in building resilience against Pakistan's volatile economic landscape, characterized by inflation, currency devaluation, and sector-specific disruptions, thereby ensuring sustained growth through balanced exposure across industries. By spanning consumer-driven, service-oriented, and infrastructure-related fields, the group mitigates risks while capitalizing on opportunities in a developing . This approach has positioned Lakson as one of Pakistan's largest conglomerates, with assets exceeding USD 1 billion and operations in over 50 cities. Lakson's core sectors contribute meaningfully to Pakistan's economic fabric, particularly in and sectoral . The group directly employs over 17,000 individuals across its operations, supporting livelihoods in urban and rural areas alike. In the and sector, for example, activities facilitate information dissemination, cultural exchange, and revenues that bolster the broader services , which accounts for more than half of Pakistan's GDP. Agri-business initiatives enhance and rural , while and IT/ efforts drive industrial efficiency and competitiveness. As of 2025, the group has intensified its focus on , integrating solutions and capabilities within and technology sectors to adapt to evolving consumer behaviors and regulatory shifts in Pakistan's . This includes venture investments in tech-enabled disruptions and expansions in digital payments infrastructure, aligning with national efforts to boost digital exports and .

Listed Subsidiaries

The Lakson Group maintains controlling interests in four publicly traded subsidiaries listed on the Pakistan Stock Exchange (PSX), spanning insurance, paper manufacturing, consumer goods, and sectors. These entities adhere to PSX's and requirements, including regular financial and shareholding pattern submissions as mandated under the Listed Companies (Substantial Acquisition of Voting Shares and ) Regulations, 2017, with updates through 2025 filings. Century Insurance Company Limited (PSX: CENI), established in 1989, specializes in and products, including motor, , , and coverage. As a company headquartered at Lakson Square in , it operates nationwide with a focus on solutions for businesses and individuals. Lakson holds a through associated entities, ensuring strategic oversight while complying with PSX's quarterly and annual reporting obligations as of September 2025. Century Paper and Board Mills Limited (PSX: CEPB), incorporated in 1993, is engaged in the production of , board, and materials, such as multi-ply clay-coated boards and writing papers for and . Part of the since its inception, the company sources raw materials locally and exports select products, with manufacturing facilities in . Lakson maintains controlling ownership via group holdings, and the firm has met all PSX compliance standards, including pattern of shareholding disclosures through June 2025. Colgate-Palmolive (Pakistan) Limited (PSX: COLG), incorporated in 1977 through a partnership with Company USA, manufactures and distributes oral care, personal care, and household products like toothpastes, soaps, and detergents. entities, including Siza Services (Private) Limited and Siza (Private) Limited, collectively hold a majority stake of approximately 58% as of recent filings, providing operational control within the sector. The company remains fully compliant with PSX regulations, submitting audited financials and shareholding patterns up to September 2025. Merit Packaging Limited (PSX: MERIT), founded in 1980, provides flexible solutions, including folding cartons, labels, and wrappers for , pharmaceuticals, and consumer products, with printing capabilities in , gravure, and post-press processes. As a dedicated entity, it supports supply chains for group affiliates and external clients, with facilities in and exports to regional markets. Lakson exercises through direct and indirect holdings, and Merit has adhered to PSX's listing rules, including disclosures on asset sales and financials as of June 2025.

Unlisted Subsidiaries

The Lakson Group's unlisted subsidiaries encompass a diverse array of privately held entities operating in media, , , , food services, and other sectors, primarily managed through holding structures like SIZA Services (Private) Limited. These companies benefit from the flexibility of non-public status, allowing for strategic focus without the disclosure requirements imposed on listed firms. Key among them is Century Publications Private Limited, which has been under Lakson ownership since its establishment and manages Pakistan's second-largest media network, including the newspaper launched in 1998 and Express News television channel starting in 2008. In the information technology domain, Cybernet Services (Private) Limited, a wholly owned Lakson subsidiary, provides enterprise IT solutions, data center services, and internet connectivity, while its affiliate StormFiber delivers high-speed fiber optic broadband and related telecom infrastructure across urban Pakistan. Sybrid (Private) Limited, another unlisted entity tied to Lakson, specializes in business process outsourcing and digital transformation services, with focus on healthcare and financial sectors. Complementing media operations, Ice Animations Studios (Private) Limited produces animated content, visual effects, and digital media for television, film, and advertising, contributing to Lakson's creative portfolio. Fintech innovation is represented by NayaPay (Private) Limited, launched in 2021 as a and mobile payments platform enabling seamless transactions, bill payments, and financial inclusions for underserved users in . It has expanded its services and user base significantly by 2025. Lakson Investments functions as the group's and arm, investing in unlisted ventures and managing portfolios across , , and alternative assets, with full ownership under the Lakson holding structure. In consumer-facing operations, SIZA Foods (Private) exclusively handles fast-food franchise in , overseeing over 80 outlets with localized menu adaptations since the 1990s. Ajinomoto Lakson (Private) , a processing venture, manufactures and distributes seasonings, frozen foods, and condiments, leveraging Japanese technology for the local market. Additionally, Princeton Travels (Private) offers , services, and bookings, serving and individual clients nationwide. The internal ownership of these unlisted subsidiaries is centralized, with most held 100% by SIZA Services (Private) Limited as the ultimate parent under the Lakhani family control, ensuring aligned strategic direction without public equity markets' oversight. Due to their private status, financial and operational reporting remains non-public, disclosed only through group-level summaries or regulatory filings for specific entities like affiliates. This structure supports agile growth in niche markets while contributing to the conglomerate's overall diversification.

Joint Ventures and Former Entities

The Lakson Group has engaged in several joint ventures to access international expertise and expand into new sectors, particularly in consumer goods and aviation. One prominent example is the 1977 joint venture with Colgate-Palmolive USA to establish operations in Pakistan, which allowed Lakson to leverage global branding and manufacturing know-how in oral care and household products. This partnership evolved over time, with Colgate-Palmolive Pakistan becoming a listed entity under Lakson influence, marking a successful integration rather than a temporary collaboration. In , Lakson formed a joint venture with Group in September 2021 to launch , 's first , aimed at providing affordable domestic and international flights while drawing on Air Arabia's established low-cost model. Based in , commenced operations in 2022 with a focus on underserved routes within and to the Gulf region. As of 2025, the venture remains active and is expanding, including new direct flights from to in October 2025 and enhanced services to , including daily non-stop routes from since November 2024 and from starting March 30, 2025. Among former entities, Lakson's involvement in the tobacco sector through Lakson Tobacco Company, established in 1970, ended via to . Initially holding a controlling stake, Lakson sold portions progressively, culminating in Philip Morris acquiring an additional 50.2% in 2007 for $338.9 million, bringing its ownership to approximately 98% and effectively exiting the business. This strategic refocus was driven by evolving industry regulations and a shift toward diversified, non-tobacco operations, as evidenced by Lakson's successful exit yielding fair value for stakeholders. Other divested entities include Clover Pakistan, which handled distribution of international brands like and until its separation, allowing Lakson to streamline its consumer goods portfolio.

Financial Performance

Key Metrics and Revenue Sources

The Lakson Group does not publish consolidated financial statements as a private conglomerate, but its subsidiaries collectively generate substantial revenue, estimated at $1.5-2 billion equivalent based on aggregated 2024 subsidiary reports and industry analyses. This figure reflects contributions from diverse operations, with major subsidiaries like Colgate-Palmolive (Pakistan) Limited accounting for a significant portion through its Rs116 billion in revenue for the fiscal year ended June 30, 2025. Similarly, Century Paper & Board Mills Limited contributed Rs37.28 billion in revenue for the same period, underscoring the group's scale in manufacturing and consumer goods. Revenue sources are diversified across key sectors. Major contributions come from fast-moving consumer goods (FMCG) and media operations, including Colgate-Palmolive's oral care and household products alongside Express Media Group's broadcast and print outlets. Financial services are significant, primarily through Lakson Investments Limited's activities, which oversaw Rs57.4 billion in as of September 30, 2025, generating fees from mutual funds and . and are driven by call center services and software ventures, while other areas include quick-service restaurants via (with reported revenue of $116.1 million in 2025) and insurance through Century Insurance Company Limited (Rs2.05 billion in 2024). Key metrics highlight the group's financial footprint, including a combined of $1.203 billion for its listed entities as of August 9, 2025, encompassing Colgate-Palmolive (Pakistan), Century Paper & Board Mills, and Century Insurance. The group employs over 17,000 people across , supporting operations in more than 50 cities. Profitability is evidenced by strong returns in core units; for instance, Lakson Investments Limited maintained robust performance amid market volatility, though specific ROE figures for 2024 are not publicly detailed in available reports. Overall, these metrics demonstrate the group's resilient scale, with FMCG and subsidiaries providing the largest share of group profitability without deep individual analysis.

Recent Developments and Market Position

In 2024 and 2025, advanced its operations through Lakson Investments, which holds a valid license for and activities extending to 2028, enabling investments in Pakistan-based startups at early lifecycle stages. Concurrently, the group's arm, NayaPay—fully owned by Lakson—expanded digital payment services amid a surge in Pakistan's transactions, highlighted by a October 2025 collaboration discussion with to enhance cross-border payments and user accessibility. Lakson Group's quarterly financial reports for September 2025 demonstrated sustained growth across its funds, with the Lakson Fund reaching a size of PKR 15,814 million, reflecting stability in fixed-income assets despite macroeconomic fluctuations. In aviation, the joint venture , operated with , continued expansion with operations across major Pakistani cities and international routes, capitalizing on post-pandemic recovery in . As of August 9, 2025, Lakson Group ranked as the 12th largest entity by on the , with a valuation of $1.203 billion, underscoring its robust presence in a recovering market. The group maintains leadership in media through its 100% ownership of Express Media Group, Pakistan's second-largest media entity publishing and operating Express News. In fast food, —franchised by Lakson—operated 83 outlets across 24 cities as of 2025, driving sector dominance via localized menu innovations and urban expansion. Pakistan's 2025 economic policies, including fiscal consolidation and control, positively impacted Lakson amid a 3.0% GDP growth for the ending June 2025, though challenges like a 25% disallowance on multinational expenses posed hurdles for diversified operations. Opportunities arose from the country's stabilization, with rising 20% in the first half of fiscal 2025, supporting Lakson's pushes in via NayaPay's adoption and through Fly Jinnah's fleet growth. Lakson's competitive advantages stem from its family-owned structure, led by the Lakhani family, which fosters long-term , alongside broad diversification across sectors like consumer goods, , and , mitigating risks in Pakistan's volatile .

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