Pakistan Hotels Developers Limited has announced that the transfer of Regent Plaza Hotel to the Sindh Institute of Urology and Transplantation (SIUT) Trust will be completed this month (July 2024).
In a notice to the Pakistan Stock Exchange (PSX) on Monday, the company stated, “Further, in pursuance of the original sale agreement made on November 15, 2023, and the third addendum dated July 1, 2024, to the agreement of sale between both parties, SIUT Trust has paid 80 percent of the sale proceeds to the company on July 1, 2024, in addition to the 10 percent balance of the sale proceeds to the company on the completion of the company’s title transfer.”
According to the company, physical possession of the property has been handed over to SIUT pursuant to the 90 percent payment of the sale value of the property on July 1, 2024.
“However, to fulfil the existing commitment of the company, SIUT Trust has allowed the company to continue its operations till July 17, 2024, under the license issued by it, and from the day end of July 17, 2024, all operations of the company in the hotel shall stand concluded,” read the notice.
