Shareholders approve voluntary winding-up of Pakistan Hotels Developers Limited

Pakistan Hotels Developers Limited (PHDL) shareholders have approved the company’s voluntary winding-up.

The decision was made during an Extraordinary General Meeting (EOGM) held on Tuesday, PHDL said in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.

Sharing the resolutions passed in the EOGM, PHDL informed that the shareholders “resolved that M/s Pakistan Hotels Developers Limited be wound up voluntarily”.

Additionally, the shareholders approved the recommendation of the company’s Board of Directors (BoD) to appoint Mohsin Ferozuddin, Masroor F. Baweja, Muzaffar Baweja, Zaheer Baweja and Zubairuddin Baweja as liquidators of the company “during the period of winding-up, without any remuneration”.

Last month, PHDL’s BoD approved the declaration of solvency, paving the way for the company’s voluntary winding-up.

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.

In 2023, 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, last 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.