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Karachi, Pakistan Hotel Developers Limited has responded to the recent unusual movement in the price of its shares, as highlighted in a letter dated September 20, 2023, from the Pakistan Stock Exchange (PSX).
In their response, Pakistan Hotel Developers Limited stated that they are not aware of any specific matter or development that might have led to the recent increase in the company’s share price and trading volume. They affirmed that any such material information or developments would have been duly disclosed to the market through the Public Unlisted Companies Automated Reporting System (PUCARS), in accordance with regulatory requirements.
Additionally, the company mentioned that they have scheduled a board meeting for September 27, 2023, to consider the annual accounts, indicating that any significant updates or disclosures related to the company’s financial performance would be communicated through the appropriate channels as per regulatory protocols.
Regarding inquiries about the sale of the hotel property, Pakistan Hotel Developers Limited confirmed that they have been approached sporadically; however, none of these inquiries have resulted in a firm offer. The company pledged to disclose any such transaction promptly if it materializes into a formal and acceptable offer.
The company concluded by emphasizing its commitment to complying with all applicable legal and regulatory procedures and requirements, underscoring its dedication to maintaining transparency and accountability in its operations.
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