Pakistan Hotels Developers Limited (PSX: PHDL) has received a Rs. 14.5 billion acquisition offer from the Sindh Institute of Urology and Transplantation (SIUT) for Regent Plaza in Karachi.
“This is for the information that the company has received an offer letter of October 09, 2023 received on October 10, 2023, at 5:30 PM by hand from SIUT in respect of the purchase of Hotel Property (Regent Plaza),” PHDL informed the Pakistan Stock Exchange on Wednesday.
“In the above matter, the Board of Directors called an urgent Board Meeting which is scheduled to be held on Thursday, October 12, 2023 at 5:00 PM,” it added.
Notably, the SIUT Trust said in its letter labeled ‘Acquisition of Property’ that it has “decided to acquire the property of Pakistan Hotel Developers Limited (PHDL) hereinafter referred to as Regent Plaza Hotel at Shahrah-e-Faisal, Karachi”.
The SIUT Trust offers to purchase the said property of any lien or charge for a sum of Rs. 14.50 billion on an ‘as is where is’ basis, it stated.
“You are kindly requested to please accept and confirm us with your consent in writing so that a formal Sales Contract can be executed as per the earliest. We suggest the management to share with us the draft of the sales Agreement for the transaction for review by our legal team,” it added.
SIUT Trust was created in 2005 as a charitable trust for the benefit of the public, aiming to provide medical facilities and financial assistance to those who are at the end stage of renal ailments. SIUT in principle is a dialysis & kidney transplant centre located in Pakistan.
PHDL is principally engaged in the hotel business and owns and operates a Five Star Hotel known as Regent Plaza Hotel and Convention Centre, Karachi.
About the Author
Written by the expert legal team at Javid Law Associates. Our team specializes in corporate law, tax compliance, and business registration services across Pakistan.
Verified Professional
25+ Years Experience