SA's only no-fee university has been closed since December, but a multimillion-rand offer to rescue the institute holds hope for poor students.
A consortium has thrown Cida City Campus a last-minute lifeline in the form of a multimillion-rand proposal to rescue South Africa’s only fee-free university, which is currently closed and threatened with liquidation.
Instead of recommending final wind-up of business of the institution, provisional liquidators have invited creditors to a meeting next week to vote on the proposal to salvage the facility.
Johannes Muller and Eugene Januarie of Tshwane Trust, whom the Johannesburg high court appointed as joint provisional liquidators of Cida, have sent creditors a circular detailing the proposal.
The circular, which the Mail & Guardian has seen, details the multimillion-rand rescue offer from the consortium comprising Africa Integras, the Cida Empowerment Trust and the Africa Alliance of Young Men’s Christian Associations. It has offered to invest millions in the institution and will operate as Cida Holdings.
“Cida Holdings has approached the provisional liquidators with the intention of returning the company to solvent circumstances and facilitating the resumption of the business of the company for the benefit and interest of the students and employees,” said the circular...
Bongani Nkosi M&G