Pakistan Hotels Developers Limited (PHDL) has been placed in the Non-Compliant (Winding-up) Segment of the Pakistan Stock Exchange (PSX) following the company’s decision to initiate voluntary winding-up proceedings.
The resolution was passed during the company’s Extra Ordinary General Meeting (EOGM) held on December 31, 2024, and the development was announced via the Pakistan Unified Corporate Action Reporting System (PUCARS) on January 1, 2025.
“The commencement of voluntary winding-up proceedings by a company through passing of a special resolution triggers the action of placement of the company in the Winding-up Segment and subsequent suspension of trading in its shares under Clause 5.11.2(d) of the PSX Regulations,” the PSX clarified.
The PSX clarified that this decision aligns with Clause 5.11.2(d) of the PSX Regulations, which stipulates that companies initiating voluntary winding-up proceedings are placed in the Winding-up Segment.
Additionally, trading in PHDL’s shares will shift to SPOT (T+0) settlement from January 10, 2025, and will be suspended entirely from January 21, 2025.
As part of the regulatory requirements, the PSX will take further action in accordance with its regulations upon the appointment of a liquidator or official liquidator for PHDL. Stakeholders and market participants have been advised to take note of these developments.
Earlier, on December 2, PHDL Board finalised plans to voluntarily wind up its operations, subject to shareholder approval. As part of the winding-up process, the Board approved a declaration of solvency, under Rule 269 of the Companies (Court) Rules, 1997, confirming PHDL’s ability to settle its liabilities.
The Board also proposed the appointment of five liquidators to manage the dissolution process. The team includes Mohsin Ferozuddin, Masroor F. Baweja, Muzaffar Baweja, Zaheer Baweja, and Zubairuddin Baweja.
PHDL, which has been a key player in Karachi’s hospitality landscape, notably through its flagship property, Regent Plaza Hotel, situated on Shahra-e-Faisal, sold Regent Plaza to the Sindh Institute of Urology and Transplant (SIUT) in 2023.
