The Board of Directors (BoD) of Pakistan Hotels Developers Limited (PHDL) has approved the declaration of solvency, paving the way for the company’s voluntary winding-up.
PHDL shared the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
The BoD of the company in their meeting held on Monday “approved the declaration of solvency prepared under rule 269 of the Companies (Court) Rules, 1997, in respect of voluntary winding-up the company (PHDL) and recommended the same for approval of members in Extra Ordinary General Meeting (EOGM),” read a notice to the bourse.
Moreover, the BoD also considered and recommended to members of the company for approval in EOGM, the appointment of liquidators Mohsin Ferozuddin, Masroor F. Baweja, Muzaffar Baweja, Zaheer Baweja and Zubairuddin Baweja without any remuneration.
The EOGM will be held on 31/12/2024.
Pakistan Hotels Developers Limited (PHDL) was incorporated as a private limited company in Pakistan in 1979 as Taj Mahal Hotels Limited. It was converted into a public limited company in 1981. The principal activity of the company was the hotel business besides owning and operating a five-star hotel, Regent Plaza Hotel and Convention Centre, Karachi.
Recently, the company entered into a sale agreement for the transfer of its property to SIUT Trust.
Last year in October, the SIUT Trust, one of the leading healthcare institutions in Pakistan, expressed its interest in purchasing Karachi’s Regent Plaza for Rs14.5 billion (nearly $52 million).
Following the announcement, PHDL’s board of directors in November last year nominated two executives to finalise the sale of Regent Plaza to SIUT Trust.
In July, this year, PHDL transferred the title and possession of Regent Plaza to the SIUT Trust.
The transfer came days after possession of the property already transferred to the SIUT Trust on July 01, 2024, after the Trust made a 90% payment of the sale value of the property, which amounts to $46.8 million.
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