PHDL secures approval for Regent Plaza sale

MG News | July 01, 2024 at 03:08 PM GMT+05:00

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July 01, 2024 (MLN): Pakistan Hotels Developers Limited (PSX: PHDL) has obtained the requisite approvals from designated authorities for the sale agreement of Regent Plaza Hotel to SIUT Trust.

Accordingly, the process of title transfer of the company property, i.e., Regent Plaza Hotel, to SIUT Trust will be executed this month.

The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

Furthermore, the SIUT Trust has paid 80% of the sale proceeds to the company on July 01, 2024, in addition to the 10% down payment already paid, at the time of sale agreement and agreed to pay the remaining 10% balance of sale proceed to the company on completion of title transfer of the property.

The physical possession of the property has been handed over to SIUT Trust pursuant to 90% payment of the sale value of the property on July 01, 2024.

However, to fulfill 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 SIUT Trust, and from the day end of July 17, 2024, all operations of the company in the Hotel shall stand concluded.

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