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NPRA stops SSNIT’s sale of four Hotels to Rock City

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The National Pensions Regulatory Authority (NPRA) has issued a directive to the Social Security and National Insurance Trust (SSNIT), instructing it to halt its current negotiations with Rock City Limited.

The negotiations concern the sale of four hotels: Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort, and Ridge Royal Hotel.

SSNIT has been in talks with Rock City Limited, considering them as the Strategic Investor for the sale of these properties.

On Friday, June 28, the NPRA communicated to SSNIT that “As you may be aware, section 67 (2) of the [National Pensions] Act requires us to issue relevant guidelines to guide your investment decisions.”

“In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to engage Rock City Hotel as the Strategic Investor in a matter of the sale of the above hotels.”

The NPRA also mentioned that it is currently in discussions with the Minister for Pensions and other relevant stakeholders regarding this matter.

“Further directives shall be issued to you on the subject matter as soon as we conclude our engagements and the evaluation of the relevant facts associated with the subject matter,” it added.

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