Pakistan Hotels Developers Limited (PHDL) announced that requisite approvals from designated authorities have been obtained and the process of title transfer of Regent Plaza Hotel to Sindh Institute Of Urology And Transplantation (SIUT) Trust will be executed in the ongoing month.
“We are pleased to inform you that in continuation of the sale agreement of the property of the company, the requisite approvals from designated authorities have been obtained and the process of title transfer of the company property i.e. Regent Plaza Hotel to SIUT Trust will be executed in the current month,” PHDL said in a notice to the Pakistan Stock Exchange (PSX) on Monday.
Further, in pursuant to the original sale agreement made on November 15, 2023, and the 3rd Addendum Dated July 1, 2024 to the agreement of sale between both parties, the SIUT Trust has paid 80% of the sale proceed 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 remaining 10% balance of sale proceed to the company on completion of title transfer of the property, read the notice.
It further said that 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.
