Pakistan Hotels Developers Limited has confirmed that the transfer of Regent Plaza Hotel to the Sindh Institute of Urology and Transplantation (SIUT) Trust will be completed this month, July 2024.
In a notice to the Pakistan Stock Exchange (PSX) on Monday, the company disclosed that SIUT Trust has fulfilled 80% of the sale proceeds as per the original agreement dated November 15, 2023, with an additional 10% balance expected upon completion of the title transfer by the company.
The physical handover of the property to SIUT has been completed following the payment of 90% of the property’s sale value on July 1, 2024, stated Pakistan Hotels Developers Limited.
However, under an agreement with SIUT Trust, the company will continue operations at the hotel until July 17, 2024, under a temporary license issued by SIUT. After July 17, 2024, all operations of the company at the hotel will cease.
 Trust will be completed this month, July 2024. In a notice to the Pakistan Stock Exchange (PSX) on Monday, the company disclosed that SIUT Trust has fulfilled 80% of the sale proceeds as per the original agreement dated November 15, 2023, with an additional 10% balance expected upon completion of the title transfer by the company.){kind=link}