City of Cape Town 'testing the market' to sell R885m stake in CTICC

John Maytham (in for Lester Kiewit on CapeTalk) speaks with Councillor Siseko Mbandezi, Mayoral Committee Member for Finance at the City of Cape Town.

Listen below:

The City of Cape Town owns 72,7% of the Cape Town International Convention Centre (CTICC).

It plans to sell this stake and use the proceeds to boost service delivery.

The City Council has approved the public participation process on the sale in terms of the Municipal Asset Transfer Regulations.

The City's share has been valued at around R885 million.

“The intention now is... to test the market.” 

- Councillor Siseko Mbandezi, City of Cape Town

RELATED: Life as the CTICC CEO: 'You don't know how strong you are until you have to be' – Taubie Motlhabane

The CTICC will remain a convention centre, and the land will remain City-owned. 

“The City want to focus on their constitutional mandate of providing basic services to Capetonians.”

- Councillor Siseko Mbandezi, City of Cape Town

Scroll up to the audio player for more.