SSNIT Cancels Sale of 60% Shares in Four Hotels

The Board and Management of the Social Security and National Insurance Trust (SSNIT) have halted the process to sell 60% of its shares in four hotels.

This decision follows pressure from Organised Labour, which threatened to launch a nationwide industrial strike on Monday, July 15, if SSNIT did not cancel the contentious sale. Members were instructed to abstain from work should the sale proceed.

In a statement dated July 12, SSNIT’s Board assured pensioners, contributors, and the public of its dedication to managing the Trust’s affairs responsibly to ensure the Pension Scheme’s sustainability.

“The Board and Management of SSNIT wish to inform the public that the process to divest 60% of SSNIT’s stake in the hotels has been terminated. We assure pensioners, contributors, and the public of our commitment to managing the affairs of the Trust prudently for the sustainability of the Pension Scheme,” the statement read.

In a related development, Rock City Hotel, in a letter dated July 12, announced its decision to withdraw its bid to purchase the 60% shares in the four hotels.