The Social Security and National Insurance Trust (SSNIT) has announced the discontinuation of the sale of its 60% shares in four hotels. This decision follows significant opposition from several labor unions, who had threatened a nationwide strike in response to the approval given by the National Pensions and Regulatory Authority (NPRA) for SSNIT to proceed with the sale.
In a press release issued on Friday, July 12, SSNIT stated, “The Board and management of Social Security and National Insurance Trust (SSNIT) wish to inform the public that the process to divest 60% of SSNIT’s stake in the hotels has been terminated.”
The labor unions argued that the sale could negatively impact the welfare of workers whose pensions are managed by SSNIT. The unions’ concerns and the threat of a strike appear to have played a significant role in SSNIT’s decision to halt the sale.
SSNIT’s board and management emphasized their commitment to safeguarding the interests of their members and ensuring the long-term sustainability of the Trust’s investments.
More updates on this development will be provided as they become available.
