AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Pakistan Hotels Developers Limited (PHDL) announced the completion of the sale of Regent Plaza Hotel to SIUT Trust, confirming the transfer of property title and possession. According to information available from the Pakistan Stock Exchange (PSX), the final 10% of the sale proceeds was received by PHDL on July 30, 2024, culminating the transaction initiated earlier this year.
The completion follows the transfer of possession to SIUT Trust on July 1, 2024, as part of a continuing agreement outlined by PHDL to the PSX under the Securities Act, 2015 and the PSX Rule Book. The announcement confirms that the entirety of the payment for the property has been settled, allowing for the final transfer of title to SIUT Trust.
The successful conclusion of this transaction not only signifies a pivotal financial event for PHDL but also marks the continuation of its compliance with disclosure requirements as mandated by securities regulations. Certificate Holders of the PSX have been informed as required under the regulatory framework, ensuring transparency and adherence to corporate governance standards.