PHDL to share hotel property documents with SIUT Trust

September 27, 2023 (MLN): The Board of Directors of Pakistan Hotels Developers Limited (PSX: PHDL) on Wednesday decided to provide the photocopies of the Hotel Property documents i.e. Survey No. 195/1 and 195/2, to SIUT Trust for the due diligence.

To note, there have been mounting concerns and speculations circulating in the market over the past few days due to an unusual surge in its stock price.

On September 22, the company issued a notice to the Pakistan Stock Exchange (PSX) stating that they were not aware of any price-sensitive matter or development.

They also said that, while the company has been approached by potential buyers, from time to time, interested in their hotel property, none of them materialized to any offer.

However, on September 25, just days after rising concerns in the market over the price surge, PHDL issued another notice that added a layer of intrigue to the situation.

According to the notice, a potential buyer named the SIUT had reached out to the company through a letter dated September 23 and expressed interest in conducting due diligence of the hotel property documents.

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