Pakistan Hotel Developers Limited (PHDL) announced that the title and possession of Regent Plaza Hotel have been transferred to SIUT Trust after the entire payment of the sale proceeds.
PHDL said in its disclosure to the Pakistan Stock Exchange (PSX) on Wednesday in accordance with the applicable provisions of the Securities Act, 2015 and Rule Book of PSX.
“We are pleased to inform you that in continuation of the sale agreement of the property of the company, the SIUT Trust had paid the remaining 10% balance of sales proceeds of the property to the company on 30th July 2024 and the company, on receiving the remaining balance, has transferred the title of the property in favour of SIUT Trus,” read the PHDL’s notice.
The possession of the property has already been transferred to SIUT Trust on July 01, 2024.
“The company through this announcement is confirming that the entire payment of sale proceeds of the property has been received by the company against which title and possession of the property have been transferred to SIUT Trust,” it added.
