SIUT Trust offers to purchase PHDL's Regent Plaza for Rs14.5bn

MG News | October 11, 2023 at 11:54 AM GMT+05:00

0:00

October 11, 2023 (MLN): The SIUT Trust has decided to acquire the property of Pakistan Hotel Developers Limited (PSX: PHDL) hereinafter referred to as Regent Plaza Hotel at Shahrah-e-Faisal, Karachi for a sum of Rs14.5 billion, the company's latest filing on the PSX showed today.

The aforementioned acquisition is on an 'as is where is' basis.

SIUT Trust will execute a formal sales contract once PHDL accepts and confirms with their consent in writing.

The management of PHDl has been requested by SIUT to share the draft of the sales agreement for the transaction for review by its legal counsel.

To note, this is in reference to the earlier notice of September 25, wherein PHDL informed that 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.

On September 27, the Board of Directors of PHDL decided to provide the photocopies of the Hotel Property documents i.e. Survey No. 195/1 and 195/2, to SIUT Trust for due diligence.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	152,011.26 202.91M	-2.25% -3500.30
ALLSHR	90,933.96 349.11M	-1.93% -1787.62
KSE30	45,975.85 87.34M	-2.50% -1180.47
KMI30	220,290.57 84.33M	-2.27% -5117.55
KMIALLSHR	59,449.18 202.18M	-1.86% -1128.08
BKTi	42,093.29 29.70M	-2.76% -1193.09
OGTi	31,521.03 8.65M	-2.71% -879.26

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	66,490.00	68,875.00 66,310.00	-1850.00 -2.71%
BRENT CRUDE	109.52	109.70 99.08	8.36 8.26%
RICHARDS BAY COAL MONTHLY	112.50	0.00 0.00	6.40 6.03%
ROTTERDAM COAL MONTHLY	114.00	114.50 114.00	0.60 0.53%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	109.37	109.45 97.50	9.25 9.24%
SUGAR #11 WORLD	15.47	15.50 15.29	0.18 1.18%