Sale of CTICC still under review

THE future of the Cape Town International Convention Centre (CTICC) remains under review as the City of Cape Town explores the possible sale of its 72.7% shareholding in the landmark facility.

- TRACY-LYNN RUITERS

The proposal is currently out for public comment, with officials stressing that no final decision has yet been made.

Councillor Siseko Mbandezi, Mayco Member for Finance, confirmed that the process is still exploratory.

“The matter is currently out for public comment, and no decision has been made regarding whether the City will sell or not. At this stage, it remains purely exploratory, as stated in the advert,” Mbandezi said.

He added that if Council were to proceed, the business model would remain unchanged.

“Should Council consider the sale of the CTICC, it will be on the clear understanding that the business model will remain unchanged, namely operating as a conference centre.”

The City disclosed the CTICC’s book value of R885 million (excluding VAT) as required by legislation but emphasised that no deal is currently in place. Officials have argued that a potential sale could unlock fresh capital while allowing the City to redirect funds towards service delivery.