Council greenlights public participation on sale of City’s Cape Town International Convention Centre shares

21 August 2025

The City Council has approved the public participation process in terms of the Municipal Asset Transfer Regulations on the sale of the City’s majority 72,7% shareholding of the Cape Town International Convention Centre (CTICC). As part of the exploratory process, it is envisaged that the proceeds would be invested into service delivery and that the private sector would be able to unlock the growth and commercial potential of this national asset which will remain a convention centre. The land would remain City-owned.

                                                                                             
‘We believe that this municipal asset shareholding of 72,7%, with an estimated desktop valuation of approximately R885 million (excluding VAT) is ripe for private sector investment to unlock the great commercial potential for this asset. The City as the main shareholder has been instrumental in supporting the growth of this asset over the years. The CTICC will remain a convention centre and the land would remain City-owned. 
 
‘To date, this asset has created or sustained more than 169 000 jobs, contributed R58 billion to the Western Cape's Gross Geographic Product (GGP); and added R66,9 billion to South Africa's Gross Domestic Product (GDP). In addition, the tourism sector is a major source of income and has the ability to significantly grow the South African economy and the CTICC, being a world leader in conferencing and business tourism plays a major part, making it the major driver of socio economics. In considering a potential divestment in the CTICC, the City is committed to ensuring that its strategic interest, and those of the public, are protected. Various options were looked at by independent experts, including the sale and the latter seemed to be the most advantageous.
 
‘It is hoped that the income from the sale of the City’s stake in the CTICC will be able to further drive municipal service delivery and form part of the City’s major infrastructure investment drive.
 
‘This strategic shift aligns with the City's imperative to focus on its core constitutional mandate, being the provision of essential services and infrastructure. Divesting from the CTICC will enable the City to reallocate much needed resources more effectively, reinforcing service delivery and long-term fiscal sustainability, while enabling the CTICC to thrive under a more commercially agile ownership model. By transferring ownership to a commercially agile entity, the CTICC will 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. We look forward to taking this process through public participation, to garner inputs and to see the appetite of the market,’ said the City’s Mayoral Committee Member for Finance, Councillor Siseko Mbandezi.
 
Details of the public participation period and all relevant information will be made public in due course.
This is an exploratory process and Council will take a final decision on this matter after the public participation process and the inputs have been concluded.
 
The CTICC was established in 2003 as a strategic infrastructure investment by the City in collaboration with the Western Cape Government, with the aim of attracting national and international conferences and events, boosting tourism and stimulating local economic development.
 
The current shareholding structure of the CTICC is as follows:
• City of Cape Town – 72,7%
• Western Cape Government – 22,2%
• Sunwest International (Pty) Ltd – 5,1 %
 
 
End

Published by:
City of Cape Town, Media Office