The City of Cape Town's Council has approved the initiation of a public participation process regarding the proposed sale of its 72.7 shareholding in the Cape Town International Convention Centre CTICC.
The move, intended to explore transferring the asset to private hands, was met with immediate and detailed opposition from the GOOD Party, which insists that crucial financial details must be made public before any meaningful consultation can occur.
The municipality stated that proceeds from a potential sale would be invested in service delivery and that the private sector could better unlock the growth and commercial potential of the convention centre, which would continue its operations on City-owned land, as noted by EWN. The City's desktop valuation for its shareholding is approximately R885 million.