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Karachi’s iconic Regent Plaza hotel gets Rs14.5bn offer from SIUT

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1 year ago

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erty owned by Pakistan Hotel Developers Limited (PHDL) into a tertiary-care general hospital, according to documents seen by The News.

Speaking to the publication, SIUT Trustee Syed Shabbar Zaidi confirmed that they had offered to buy the hotel, saying it was a 47,000 square feet built structure, which could be converted into a healthcare facility within a span of one year.

“Karachi badly needs another tertiary-care health facility and constructing a large health facility by acquiring land would take years. In these circumstances, it is the best option to acquire a built structure in the heart of the city and convert it into a health facility,” said Zaidi.

He maintained that it was close to most of the health facilities, including the National Institute of Cardiovascular Diseases (NICVD), the National Institute of Child Health (NICH) and the Jinnah Postgraduate Medical Center (JPMC).

Responding to a query, he said the deal is yet to be accepted by the PHDL but hoped that they would accept the offer in the interests of the people of Pakistan as well as other countries who come to Karachi for treatment of various complicated ailments.

Regarding the availability of funds for the purchase of the property, he vowed to take loans and raise funds from the public to acquire the facility.

In September, the Pakistan Stock Exchange (PSX) was informed that the SIUT Trust intends to conduct due diligence on the five-star hotel in Karachi built on a plot measuring 13,200 square yards.

The PHDL also owns two other pieces of land in Thatta with a total area of about 14 acres.

The hotel comprises 400 rooms with an occupancy rate of 20% for the 2021-22 fiscal year, the latest data available showed. This rate was 9% in the previous year due to COVID-19.

In the first nine months of 2022-23, PHDL reported a net profit of Rs45.5 million, i.e. a 38.3% decrease from the previous year.

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Business

Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

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3 days ago

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Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

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Business

As the MPC meeting draws closer, stocks rise.

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3 days ago

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On the final working day of trading, the Pakistan Stock Exchange (PSX) maintained its optimistic trend.

After rising more than 900 points, the benchmark KSE-100 index stabilized around 114,684 points.

The forthcoming Monetary Policy Committee (MPC) meeting on March 10 is allegedly connected to the bullish trend.

Recall that the KSE-100 index gained over 1,400 points on Thursday before closing at 113,713 points.

The greenback, on the other hand, dropped Rs0.07, from Rs279.82 to Rs279.75.

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Business

FBR to Enhance Revenues: Enacts Significant Reforms, Attains Record Revenue Collection

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4 days ago

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The Federal Board of Revenue has effectively executed significant reforms in the past year, enhancing tax administration, compliance, and digital transformation under the leadership of Prime Minister Shehbaz Sharif.
The FBR implemented AI-driven risk identification algorithms to improve tax audits and introduced a customer relationship management dashboard for real-time compliance monitoring.
Moreover, AI-driven Customs Intelligence and digital invoicing systems have transformed tax collection and customs operations.
The implementation of faceless customs assessment has markedly diminished clearance waits, optimizing international trade.
The unified sales tax return has streamlined the tax filing procedure, while the continuous advancement of a tier-3 data center seeks to enhance data security and AI-driven surveillance.
To enhance transparency, the FBR digitized its litigation management system for faster dispute resolution.

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