quality assets
CTICC
GPI's effective stake: 8.5%
Through GPI’s effective stake of 34.30% in SunWest, which in turn owns 24.75% of the CTICC, GPI’s effective stake in the CTICC amounts to 8.5%.
The Cape Town International Convention Centre (CTICC) situated on the Foreshore was a city-based initiative and formed part of the original bidding process by SunWest in tendering for the operating casino licence in 1999. SunWest has a 24.75% interest in Convenco while the balance of 75.25% is held by the Western Cape Provincial Government and the City of Cape Town.
The CTICC was officially opened on 28 June 2003 and is regarded by many as a symbol of transformation in South Africa as it is a product inspired, built and owned by South Africans. Convenco, the holding company of CTICC, was specifically tasked with ensuring this as part of the terms and conditions attaching to the licence.
It is a world-class convention centre that, since its completion in 2003, has seen hundreds of thousands of visitors across all walks of life attending consumer exhibitions, conferences and trade shows. The CTICC is internationally regarded as being at the forefront of its game, having been meticulously designed with regard for the end-user and utilising the most modern amenities and technology throughout the building. The CTICC’s commitment to professionalism is complemented by the destination’s service standards and sophisticated infrastructure.
CTICC contributed approximately R2,3 billion (2008: R2,67 billion) to South Africa’s Gross Domestic Product, and as a result of its operations, 3 242 (2008: 3 744) people were employed in the Western Cape and a further 4 168 (2008: 5 308) people were employed, indirectly, across the rest of the country. The main reason for the reduction in the number of jobs is the fact that, according to South Africa Tourism, international tourists spent less money and time in South Africa over the past year than was the case in previous years.