PHDL declares Rs725 dividend per share for FY25 after Regent Plaza sale

July 08, 2024 (MLN): The Board of Directors of Pakistan Hotels Developers Limited (PSX: PHDL) has declared a massive interim cash dividend of Rs725 per share for the year ending June 30, 2025.

In percentage terms, the dividend stands at a whopping 7250%.

The above dividend amount will be paid from the sale proceeds received from the buyer of Regent Plaza Hotel (Property).

According to the notice issued by PHDL to PSX today, the above entitlement will be paid to those shareholders whose names will appear on the register of members of the company on July 15, 2024.

To recall, on July 01, 2024, the company secured requisite approvals from designated authorities for the sale agreement of Regent Plaza Hotel to SIUT Trust.

Accordingly, the SIUT Trust obtained physical possession of the property after paying 80% of the sale proceeds to the company on that date, in addition to the 10% down payment already made.

Moreover, SIUT agreed to pay the remaining 10% balance of the sale proceeds to the company on completion of the title transfer of the property. 

To fulfill the existing commitment of the company, SIUT Trust allowed the company to continue its operations till July 17, 2024, under the license issued by SIUT Trust, and from the day end of July 17, 2024, all operations of the company in the Hotel shall stand concluded.

"The share transfer books of the company shall remain closed from July 16, 2024, to July 18, 2024 (both days inclusive)," the notice further states.

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