Karachi: Sindh Institute Of Urology And Transplantation (SIUT) Trust expressed its interest to purchase Regent Plaza, four-star hotel in for Rs 14.5 billion. Development was shared by Pakistan Hotels Developers Limited (PHDL), owner of Regent Plaza Hotel, in its notice to Pakistan Stock Exchange.

“This is for information that company has received an offer letter received on October 10, 2023 by hand from SIUT in respect of purchase of Hotel Property (Regent Plaza),” it said in its notice. PHDL added that its Board of Directors has called an urgent board meeting for October 12.

Development comes after SIUT Trust in its letter announced that it has “Decided to acquire property of PHDL referred to as Regent Plaza Hotel at Shahrah-e-Faisal, Karachi”.

“SIUT Trust now offers to purchase said property of any lien or charge for sum of Rs 14.50 billion on ‘as is where is’ basis. “You are kindly requested to please accept and confirm us with your consent in writing so that formal Sales Contract can be executed as per earliest,” read SIUT letter, urging PHDL management to share draft of sales agreement for transaction for review by its legal counsel. PHDL is engaged in hotel business and owns and operates hotels known as Regent Plaza Hotel and Convention Centre.

Published in The Daily National Courier, October, 12 2023

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