Pakistan Hotels Developers Ltd. (PHDL) announced its first interim cash dividend for the fiscal year ending June 30, 2025, following the sale of the Regent Plaza Hotel to the Sindh Institute Of Urology And Transplantation (SIUT) Trust.
According to a notice sent to the Pakistan Stock Exchange (PSX) on Monday, the Board of Directors, in a meeting held on July 8, 2024, recommended an interim cash dividend of Rs.725 per share, which translates to a dividend rate of 7250%. This follows a previous interim dividend which was declared at NIL per share.
The dividend payout is sourced from the sale proceeds received from the buyer of Regent Plaza Hotel. The entitlement will be available to shareholders whose names appear on the company’s register of members as of July 15, 2024.
To facilitate this process, the company’s share transfer books will remain closed from July 16, 2024, to July 18, 2024.Â
The SIUT acquired Regent Plaza, a four-star hotel in the southern Pakistani city of Karachi, to convert it into a healthcare facility to expand its free-of-cost services for patients, an SIUT trustee said on Sunday.
Earlier, on July 1, PHDL said that it obtained requisite approvals from designated authorities for the process of the title transfer of Regent Plaza Hotel to SIUT Trust will be executed in the ongoing month.
The SIUT Trust paid 80% of the sale proceeds to the company on July 01, 2024, in addition to the 10% down payment already paid, and agreed to pay the remaining 10% balance of the sale proceeds to PHDL on completion of title transfer of the property.
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, SIUT Trust allowed PHDL to continue its operations till July 17, 2024, under the license issued by SIUT Trust and from the day end of July 17, 2024.
