Pakistan Hotels Developers Limited announced that Regent Plaza Hotel will be transferred to the Sindh Institute of Urology and Transplantation (SIUT) Trust this month (July 2024).
In a notice to the Pakistan Stock Exchange (PSX) on Monday, the company said that SIUT Trust has paid 80% of the sale proceeds as of July 1, 2024, with the remaining 10% to be paid upon the transfer of the hotel’s title.
The hotel’s physical possession has already been handed over to SIUT after the 90% payment on July 1, 2024. However, SIUT Trust has allowed the company to continue operating until July 17, 2024, after which all operations by the company in the hotel will end.