Pak Hotels Development Limited (PHDL) has announced plans to voluntarily wind up its operations, subject to shareholder approval. The decision was finalised during a Board of Directors meeting held on December 2, 2024, and reflects the company’s intent to exit the hospitality sector after decades of operations.
As part of the winding-up process, the Board has approved a declaration of solvency, prepared under Rule 269 of the Companies (Court) Rules, 1997, confirming PHDL’s ability to settle its liabilities. The declaration will be presented to shareholders for approval at an Extraordinary General Meeting (EOGM) scheduled for December 31, 2024, at 11:00 AM.
In addition to the solvency declaration, the Board has 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, all of whom will serve without remuneration.
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.
The company has informed the Pakistan Stock Exchange of the planned actions, adhering to regulatory requirements under the Securities Act, 2015, and the Rule Book of the Pakistan Stock Exchange.
