Regent Plaza Hotel to be transferred to SIUT this month

KARACHI: Pakistan Hotels Developers Limited has announced that the transfer of Regent Plaza Hotel to the Sindh Institute of Urology and Transplantation (SIUT) Trust will be executed this month (July 2024).

The company, in a notice to the Pakistan Stock Exchange (PSX) on Monday, stated, “Further, in pursuance of the original sale agreement made on November 15, 2023, and the third addendum dated July 1, 2024 to the agreement of sale between both parties, SIUT Trust has paid 80 per cent of the sale proceeds to the company on July 1, 2024, in addition to the 10 per cent balance of the sale proceeds to the company on the completion of the company’s title transfer.”

The physical possession of the property has been handed over to SIUT pursuant to the 90 per cent payment of the sale value of the property on July 01, 2024, said the company.

“However, to fulfil the existing commitment of the company, SIUT Trust has allowed the company to continue its operations till July 17, 2024 under the licence issued by it, and from the day end of July 17, 2024, all operations of the company in the hotel shall stand concluded,” read the notice.