SSNIT terminates sale of 60 per cent stake in four hotels
On Friday, July 12th, the Social Security and National Insurance Trust (SSNIT) released a statement regarding the discontinuation of the planned sale of a 60% stake in its hotel assets.
The statement from SSNIT's Board and Management reads:
"The process to divest 60% of SSNIT's stake in the hotels has been terminated."
SSNIT further assured pensioners, contributors, and the public, stating:
"We wish to assure pensioners, contributors and the public of our commitment to managing the affairs of the Trust prudently for the sustainability of the Pension Scheme."
This notice indicates that SSNIT has decided not to proceed with the previously announced plans to sell a majority stake in its hotel properties. Instead, SSNIT is reaffirming its dedication to responsibly managing the Trust's assets in order to ensure the long-term viability of the national pension scheme.
The statement from SSNIT's Board and Management reads:
"The process to divest 60% of SSNIT's stake in the hotels has been terminated."
SSNIT further assured pensioners, contributors, and the public, stating:
"We wish to assure pensioners, contributors and the public of our commitment to managing the affairs of the Trust prudently for the sustainability of the Pension Scheme."
This notice indicates that SSNIT has decided not to proceed with the previously announced plans to sell a majority stake in its hotel properties. Instead, SSNIT is reaffirming its dedication to responsibly managing the Trust's assets in order to ensure the long-term viability of the national pension scheme.