Pakistan Hotels Developers Limited (PHDL) and Sindh Institute Of Urology and Transplantation (SIUT) have mutually agreed to extend the execution period for the sale of PHDL-owned Regent Plaza by an additional 90 days from previous last date of agreement execution i.e. February 11, 2024.
According to a notice sent to the Pakistan Stock Exchange (PSX), the new deadline is now set for May 11, 2024 following an Extraordinary General Meeting held in November 2023.
The extension comes as both parties continue to finalise details surrounding property transfer under terms initially agreed upon in their November contract. All other clauses within this binding document remain unchanged and fully enforceable.
Stakeholders are advised to stay informed about ongoing developments as PHDL communicates further updates through official channels.
On the same day, PHDL’s share price increased by about 7.4%.
Regent Plaza Hotel and Convention Centre is situated on Shahrah-e-Faisal, Karachi, and covers an area of 13,200 square yards. The total covered area of the building is 47,034 square yards. PHDL also owns two other pieces of real estate in Thatta with a combined area of about 14 acres.
It is worth mentioning here that the hotel has 400 rooms with an occupancy rate of 20 percent for the 2021-22 financial year, a significant improvement from the 9 percent occupancy rate in the previous year, which was impacted by the COVID-19 pandemic. In the first nine months of the 2022-23 financial year, PHDL posted a net profit of Rs45.5 million, down 38.3pc from the previous year.