AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: The sale of Regent Plaza Hotel by Pakistan Hotels Developers Limited (“the Company”) to SIUT Trust has progressed significantly, with all necessary approvals obtained and a majority of the payment completed. The title transfer of the property is scheduled for completion in July 2024, marking a pivotal development in the ongoing transaction first announced on November 15, 2023.
The Company, which has been periodically updating the Pakistan Stock Exchange (PSX) about this sale, confirmed that the SIUT Trust has fulfilled 90% of the payment obligations as of July 1, 2024. This includes an initial 10% down payment made at the time of the sale agreement and an additional 80% paid on July 1, 2024. The final 10% is due upon completion of the title transfer later this month.
According to information available from the Pakistan Stock Exchange (PSX), the physical possession of Regent Plaza Hotel has already been transferred to SIUT Trust following the recent payment. This transfer allows SIUT Trust to assume control over the property, although Pakistan Hotels Developers Limited will continue operations until July 17, 2024. This arrangement is part of an agreement that permits the Company to maintain its operations under a temporary license issued by SIUT Trust until the specified date.
Post-July 17, all operations of Pakistan Hotels Developers Limited at the Hotel will cease, as per the terms agreed upon by both parties involved in the sale. This step finalizes the transition of ownership and management to SIUT Trust, concluding a significant phase in the Company’s strategy as communicated to TRE Certificate Holders of the Exchange.