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Following the sale of Regent Plaza, PHDL announces a substantial share dividend for FY25

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Following the sale of Regent Plaza, PHDL announces a substantial share dividend for FY25

The Board of Directors of Pakistan Hotels Developers Limited (PSX: PHDL) held a meeting on July 8, 2024, during which they recommended an Interim Cash Dividend of Rs. 725 per share for the year ending June 30, 2025, equivalent to 7250 percent. This recommendation follows a previous interim cash dividend of Rs. NIL per share (NIL%).

According to the notice released by PHDL on Tuesday, this substantial dividend payment comes from the sale proceeds of the Regent Plaza Hotel property. Shareholders listed on the company register by July 15, 2024, will be eligible for this dividend.

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The company’s share transfer books will be closed from July 16, 2024, to July 18, 2024, inclusively. In a recent announcement, PHDL confirmed that the physical possession of the Regent Plaza Hotel has been transferred to SIUT Trust, the buyer. This transfer occurred after SIUT Trust made a 90 percent payment of the property’s sale value on July 1, 2024.