The Management of Rock City Hotel has withdrawn its bid to purchase 60% of the shares in four hotels owned by the Social Security and National Insurance Trust(SSNIT).
This is contained in a letter to SSNIT’s Director-General, Kofi Osafo-Maafo, in which Rock City Hotel expressed disappointment over the lack of stakeholder engagement, which they believe has fueled negativity surrounding their bid. Consequently, they have decided to discontinue their pursuit of this investment opportunity.
Organised labour declared an indefinite strike following the National Pensions Regulatory Authority’s (NPRA) approval giving clearance to SSNIT, to proceed with its plan to offload part of its stake in the facilities.
According to the Secretary General of the Trades Union Congress (TUC), Dr Yaw Baah, the Union does not understand why the NPRA would allow SSNIT to proceed with the deal without further engagement after it initially ordered SSNIT to halt the procedure.
The Unions highlighted concerns over the lack of transparency and due diligence in the sale process, arguing that it undermines SSNIT’s fiduciary responsibilities to its contributors.
Promoting transparency and accountability, Rock City Hotel has agreed to release all or parts of their bid documents for public scrutiny or publication if necessary.