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The National Pensions Regulatory Authority (NPRA) has instructed the Social Security and National Insurance Trust (SSNIT) to pause its ongoing negotiations with Rock City regarding the sale of four hotels.
SSNIT has been in discussions with Rock City Limited, identified as the Strategic Investor, concerning the sale of Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort, and Ridge Royal Hotel.
In a letter dated Friday, June 28, 2024, the NPRA stated, “As you may be aware, section 67 (2) of the National Pensions Act mandates us to provide guidelines to inform your investment decisions.”
“In accordance with this requirement, the Board of the Authority directs you to halt all proceedings related to engaging Rock City Hotel as the Strategic Investor for the sale of the aforementioned hotels.”
The NPRA also mentioned that it is currently in discussions with the Minister for Pensions and other relevant parties on this issue.
“Further instructions will be provided once we complete our consultations and assess the pertinent details related to this matter,” the letter concluded.
