In a recent development for the real estate and healthcare sectors, the Sindh Institute Of Urology And Transplantation (SIUT) Trust has expressed its interest in purchasing Karachi’s renowned Regent Plaza Hotel for a substantial sum of Rs14.5 billion (approximately $52 million). The announcement has stirred anticipation and interest in the business and medical communities alike.
PHDL’s Disclosure
This significant development was communicated by the Pakistan Hotels Developers Limited (PHDL). The current owner of the Regent Plaza Hotel, in a formal notice submitted to the Pakistan Stock Exchange (PSX) on Wednesday. PHDL’s notice revealed that they had received an offer letter from SIUT on October 9, 2023. Which was then hand-delivered on October 10, 2023.
PHDL stated in their notice, “This is for the information that the company has received an offer letter of October 09, 2023, received on October 10, 2023, by hand from SIUT in respect of the purchase of Hotel Property (Regent Plaza).” The company has called for an urgent board meeting, scheduled for October 12, to discuss this significant proposal.
A Request for Formality: Awaiting PHDL’s Consent
SIUT Trust, in their letter to PHDL, formally expressed their intention to acquire the Regent Plaza Hotel property located at Shahrah-e-Faisal, Karachi. The Trust has offered an impressive Rs14.50 billion for the acquisition. With the condition of an “as is where is” basis.
The SIUT Trust’s letter further urged PHDL management to accept their proposal in writing. Emphasizing the need for a formal sales contract to be executed promptly. They also requested that the draft of the sales agreement be shared for review by their legal counsel.
Pakistan Hotels Developers Limited (PHDL) is actively engaged in the hotel business and currently owns and operates the well-known Regent Plaza Hotel and Convention Centre in Karachi.
A Pillar of Healthcare and Philanthropy
The Sindh Institute Of Urology And Transplantation (SIUT) Trust, on the other hand, has a remarkable history dating back four decades. Founded by the renowned Pakistani surgeon and philanthropist, Dr. Syed Adibul Hasan Rizvi. SIUT was established with a noble mission: to provide state-of-the-art medical care to all individuals, regardless of their socio-economic status.
Today, SIUT stands as one of Pakistan’s leading healthcare institutions, offering a wide range of services. They include urology, nephrology, and transplant surgery. The institution’s commitment extends to research and education. Making it a vital contributor to the healthcare landscape in the country.
As this intriguing proposition unfolds, it will be a noteworthy development to watch, as it has the potential to create significant impacts in both the real estate and healthcare sectors of Pakistan.
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