Established in 1979 as Taj Mahal Hotels Limited and later reorganized as Pakistan Hotels Developers Limited (PHDL) in 1981, the company has been synonymous with luxury hospitality in Karachi. As a fully listed entity on the Pakistan Stock Exchange (PSX), PHDL held the esteemed Regent Plaza Hotel & Convention Centre on Shahrah‑e‑Faisal—a flagship five‑star property that defined high-end stays in Karachi.
Major Turning Point: Sale of the Regent Plaza
In mid‑2024, PHDL reached a significant milestone by completing the sale of Regent Plaza to the SIUT Trust for approximately Rs 14.5 billion (~$52 million USD). The sale transferred possession on July 1, 2024, with final payment securing full title by month’s end. This transaction marked a dramatic pivot for PHDL by divesting its primary revenue-generating property.
Strategic Shift: Headquarters Relocation
Following the sale, PHDL strategically relocated its head office to Marium Complex, Sharfabad, Karachi—moving away from its historic site on Shahrah‑e‑Faisal. The relocation supports its evolving operational focus in the post-Regent Plaza era.
Voluntary Winding-Up: What It Means
On December 31, 2024, shareholders approved a voluntary winding-up resolution, with the board affirming solvency and appointing a panel of five liquidators . Trading in PHDL shares moved to SPOT settlement on January 10, 2025, and subsequently entered the Winding-up Segment on PSX before being suspended effective January 21, 2025 . Pakistan’s leading financial newspaper Dawn confirmed the closure of PHDL operations following this shareholder vote .
Financial Snapshot and PSX Status
Prior to suspension, PHDL possessed a market cap of around PKR 907 million, with 18 million shares issued and approximately 60% free float. Once all winding-up obligations are satisfied and assets are liquidated, the PSX will proceed with formal delisting, finalizing the exit of PHDL from active trading.
What Happens Next?
With the Regent Plaza funds in hand and no operational assets remaining, PHDL’s path forward will be controlled by its appointed liquidators: Mohsin Ferozuddin, Masroor F. Baweja, Muzaffar Baweja, Zaheer Baweja, and Zubairuddin Baweja . They face the task of settling creditor claims, distributing liquidation proceeds to shareholders, and completing all formal legal and statutory procedures.
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