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.
