PHDL Transfers Title of Regent Plaza to SIUT Trust

Pakistan Hotels Developers Limited (PSX: PHDL) Wednesday announced that it has transferred the title of Regent Plaza Hotel in favor of SIUT Trust. In a notice to Pakistan Stock Exchange (PSX), PHDL said that the in continuation of the sale agreement of the property of the company, the SIUT Trust had paid remaining 10 percent balance of sale proceed of the property to the company on July 30, 2024, and the company, on receiving of remaining balance, has transferred the title of the property in favor of SIUT Trust. It highlighted that possession of the property was already transferred to the SIUT Trust on July 01, 2024. “The company through this announcement is confirming that the entire payment of sale proceed of the property has been received by the company against which title and possession of the property has been transferred to SIUT Trust,” the notice said.