KARACHI: Pakistan Hotels Developers Limited has confirmed that the Regent Plaza Hotel will be transferred to the Sindh Institute of Urology and Transplantation (SIUT) Trust this month, July 2024 for conversion into a hospital.
As per media report, In a notice to the Pakistan Stock Exchange (PSX) on Monday, the company affirmed, “Moreover, following the initial sales agreement dated November 15, 2023, and the third addendum dated July 1, 2024, SIUT Trust has remitted 80% of the sale proceeds to the company on July 1, 2024, with the remaining 10% to be settled upon completion of the company’s title transfer.”
The company stated that SIUT has taken possession of the property following the payment of 90% of the sale value on July 1, 2024.
The notice stated that to honor the company’s existing commitment, SIUT Trust has permitted the company to operate under its license until July 17, 2024. After July 17, 2024, all hotel operations by the company will cease.
PHDL announced that the physical possession of the property was transferred to SIUT Trust on July 1, 2024, after 90% of the sale value was paid.
