The National Pensions Regulatory Authority (NPRA) has directed the Social Security and National Insurance Trust (SSNIT) to suspend its ongoing negotiations with Rock City over the sale of four hotels.
SSNIT is currently engaging Rock City Limited as the Strategic Investor in the sale of its four hotels namely Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Ridge Royal Hotel.
The NPRA in a letter to SSNIT on Friday, June 28 indicated 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.”
Below is the letter from NPRA to SSNIT.
