Opposition parties reject sale of CTICC shares
The City of Cape Town considers selling its majority stake in the Cape Town International Convention Centre, sparking political backlash over assets.
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The City of Cape Town says it has received the vote from Council to potentially sell its 72.7% shareholding of the Cape Town International Convention Centre (CTICC).
But political parties have rejected the idea, saying the CTICC is one of Cape Town's most successful public investments and economic drivers.
The decision follows a public participation process and was tabled before Council in December via a Council Resolution.
Mayco member for Finance, Siseko Mbandezi, said the decision was scrutinised and guided by the City’s commercial attorney for options of possible investors.
“A commercial attorney has been appointed to provide guidance on the design and implementation of a transparent and competitive process for engaging potential investors,” he said.
He said the CTICC, as an asset, provides employment opportunities with over 169 000 jobs and added and contributed R58 billion to the Western Cape's Gross Geographic Product (GGP).
Earlier, the City said the possibilities could redirect nearly R885 million into municipal services.
Mbandezi said that by transferring ownership to a commercially agile entity, the CTICC would be better positioned to expand its market share, attract international events, and sustain economic spin-offs for Cape Town's tourism, hospitality, and small business sectors.
He said, however, that the land would remain in the ownership of the City and the facility would remain a conference venue.
“This strategic direction aligns with the City’s core mandate of prioritising the delivery of essential municipal services and infrastructure.
“The proceeds would be invested into service delivery. The people of Cape Town would stand to draw the main benefit from a potential sale as all revenue would be invested in service delivery,” he said.
The current shareholding structure of the CTICC is: City of Cape Town – 72.7%; Western Cape Government – 22.2%; and Sunwest International (Pty) Ltd – 5.1%.
Last year, the City announced the public participation process in accordance with the Municipal Asset Transfer Regulations.
“The City undertook a public participation process for a period of 30 days, from 5 September to 6 October 2025, during which members of the public and stakeholders were invited to submit comments on the proposed transaction,” Mbandezi said.
But political parties have a different view, citing that the commercial asset had become an economic landmark and is a popular business engagement venue.
The ANC Caucus in Cape Town said it firmly rejects the proposal.
“It is one of Cape Town's most successful public investments and a strategic economic driver that has contributed billions of rand to the local economy, supported thousands of jobs, boosted tourism, and enhanced Cape Town's reputation as a globally competitive destination for business events and conferences,” the ANC said.
GOOD Party councillor, Sandra Dickson, called on transparency from the City to allow residents to have full disclosure.
“The CTICC is an important economic asset for Cape Town, contributing to tourism, business activity, and employment. At the same time, the City also has a responsibility to ensure that public assets deliver value for residents and that municipal finances remain sustainable. If the City intends to proceed with such a sale, residents deserve full transparency on the reasons, the valuation process, the long-term financial implications, and how any proceeds would ultimately benefit ratepayers.
The South African Communist Party (SACP) provincial Secretary, Benson Ngqentsu, also called for transparency.
“A full public probe must be instituted to determine who stands to benefit from this transaction and whether it serves any public interest beyond enriching connected business interests,” he said.
EFF Secretary, Mzubanzi Dambuza, said they rejected the sale of the City’s stake, saying it would lock away public access to the venue when privatisation takes over.