PHDL Nominates CEO, MD to Finalize Regent Plaza Sale For Rs. 14.5 Billion

Pakistan Hotels Developers Limited (PSX: PHDL) has nominated top company executives to complete the sale of Regent Plaza to Sindh Institute of Urology and Transplantation (SIUT) Trust, the company informed the Pakistan Stock Exchange on Thursday. “This is for your information that the Board of Directors in their meeting dated November 15, 2023 (as empowered by the members in the EOGM held on November 13, 2023) authorized and nominated Mr. Muzaffar Baweja, CEO of the company and Mr. Zubair Baweja, Managing Director of the company to finalize and execute all necessary documents and sale agreements with M/S SIUT Trust, Karachi in respect of sale of hotel property,” the stock filing said. This comes after SIUT last month submitted a Rs. 14.5 billion acquisition offer to acquire Regent Plaza in Karachi. Notably, the SIUT Trust said at the time 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”. 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.