Ghani Global Holdings Limited has formalized its entry into Pakistan’s real estate investment sector following the incorporation of G3 REIT Management Limited — a wholly-owned subsidiary established with initial paid-up capital of Rs 50 million to manage Real Estate Investment Trust funds. The development completes a regulatory journey that began in October 2025 when Ghani Global first announced its intention to enter REIT management, and marks the industrial gases and chemicals conglomerate’s most significant diversification move since it transformed from Ghani Gases Limited into a diversified holding company structure.
Ghani Global Holdings Limited has informed the Pakistan Stock Exchange that the Securities and Exchange Commission of Pakistan has approved the establishment of a REIT management company under the name “G3 REIT Management Limited.” The development was disclosed as material information in a formal filing. According to the company’s notification, the approval was issued by the SECP through its order dated April 08, 2026. The proposed company will be launched with an initial paid-up capital of Rs 50 million, marking Ghani Global’s formal entry into the real estate investment trust management space.
The disclosure stated that the permission has been granted to the sponsors of Ghani Global Holdings, allowing the group to proceed with the establishment of the REIT management company in line with applicable provisions of the Securities Act, 2015 and the Pakistan Stock Exchange rule book.
This development follows Ghani Global’s earlier announcement on October 6, 2025, when the company had expressed its intention to establish a REIT management subsidiary, subject to SECP approval. At that time, the planned initial capital was also set at Rs 50 million, highlighting the company’s consistent commitment to expanding into real estate investment management.
What G3 REIT Management Will Do
A REIT Management Company (RMC) in Pakistan is a licensed entity that establishes, manages, and administers Real Estate Investment Trusts on behalf of unit holders. REITs pool capital from investors to deploy into income-generating real estate assets — commercial property, retail, industrial, or residential developments — and distribute rental income as dividends to unit holders.
Under SECP’s REIT Regulations, an RMC must maintain minimum paid-up capital of Rs 50 million — exactly the level at which G3 REIT Management Limited is being launched. The RMC must be licensed by SECP, maintain a qualified management team with real estate and investment expertise, and operate under a trust deed with an independent trustee. Once licensed and operational, G3 REIT Management Limited would be positioned to: float publicly listed REITs on the PSX, raise capital from retail and institutional investors, acquire or develop real estate assets, manage the property portfolio, and distribute rental income as unit holder dividends.
Pakistan’s existing REIT landscape includes Dolmen City REIT (PSX: DCR), which manages prime Karachi commercial property, and a handful of development REITs. The sector has significant headroom for growth given Pakistan’s large urban housing deficit, growing institutional appetite for real estate exposure, and the government’s interest in formalising property investment channels.
Ghani Global Holdings is primarily an industrial and medical gases and chemicals conglomerate with operations in Pakistan, Egypt, and Spain. Its core segments include liquid oxygen, nitrogen, argon, neutral glass tubes, tubular glass vials, glass ampoules, glassware, ethylene ripeners, and chemical trading.
The group delivered strong core performance in CY2024 — revenue of Rs 7.92 billion, up 25 percent year-on-year, with earnings of Rs 525 million, up 44 percent. Its current EBITDA margin stands at 35.65 percent, demonstrating a healthy core business. With 851 employees across multiple geographies and a market capitalisation of approximately Rs 5.47 billion on the PSX, GGL is a mid-cap industrial holding company with a diversified subsidiary structure already in place.
The move into REIT management fits a classic holding company playbook: use cash flow from core industrial operations to seed a financial services subsidiary that can grow independently, generate fee income (management fees are a percentage of REIT assets under management, not tied to commodity cycles), and benefit from secular real estate demand growth in Pakistan’s urban centres.
Pakistan REIT Sector
Pakistan’s formal REIT market has been slow to develop relative to regional peers. SECP introduced REIT regulations in 2015, but only Dolmen City REIT has operated as a large-scale, publicly-listed REIT. The constraints — complex approval processes, conservative investor appetite, limited institutional participation, and tax treatment ambiguity — have kept the market narrow. However, several structural tailwinds are now aligning: the SBP policy rate has fallen from 22 percent to 10.5 percent, making yield-generating alternatives like REITs more attractive relative to fixed income; urban commercial property in Karachi, Lahore, and Islamabad generates 7–10 percent rental yields; and SECP has progressively streamlined REIT formation and disclosure requirements.
For GGL’s sponsors, the Rs 50 million entry ticket into REIT management is modest relative to the potential fee income if the company can successfully raise and list even a small REIT. A Rs 2–3 billion REIT generating 1.5 percent management fees would produce Rs 30–45 million in annual fee income — equivalent to a meaningful portion of GGL’s current earnings base.
GGL — Company Profile
| Parameter | Detail |
|---|---|
| Full name | Ghani Global Holdings Limited (formerly Ghani Gases Limited) |
| PSX ticker | GGL |
| Incorporated | November 19, 2007 |
| Headquarters | Lahore, Pakistan |
| Core business | Industrial/medical gases, chemicals, glass products |
| Geographies | Pakistan, Egypt, Spain |
| CY2024 revenue | Rs 7.92 billion (+25.23% YoY) |
| CY2024 earnings | Rs 525.47 million (+44.14% YoY) |
| EBITDA margin | 35.65% |
| Market cap | ~Rs 5.47 billion |
| Employees | 851 |
| New subsidiary | G3 REIT Management Limited |
| New subsidiary capital | Rs 50 million |
For GGL financial disclosures and PSX filings, visit psx.com.pk. For REIT regulations and SECP licensing framework, visit secp.gov.pk. Stay current on Pakistan’s corporate and capital markets developments at taxtoday.pk.