Five firms shortlisted for Monymusk factory

Yallahs International Inc (YII) is set to meet with the Sugar Enterprise Team (SET) on Friday as the process to select the new owners of the Monymusk Sugar Factory in Clarendon begins.

Yallahs, who lost its bid to purchase the Trelawny-based Long Pond Estates to British firm Tate & Lyle in the early 1990s, first expressed its interest in the Lionel Town-based Monymusk factory three years ago, after Pan Caribbean Sugar Company (PCSC) repeatedly expressed its desire to offload the facility, which the Chinese firm blamed for its poor returns in 2015. Yallahs also accused the Government and private entities associated with the industry of using underhanded tactics to frustrate their attempts to acquire Monymusk.

George Callaghan, CEO of the SET, was said to be unavailable for comment when The Gleaner tried to make contact, but a member of the team confirmed the start of the interview process for the five, which also includes companies from India and the United States

“The enterprise team has begun to meet and there are five expressions of interest that are being looked at very seriously, including Yallahs International,” the source said. “Over the past 24 hours or so, contact has also been made to those selected, advising them that before making full proposals, additional clarification might be sought.”

SLOW PACE

When contacted, the usually outspoken Anthony James, CEO of Yallahs International, would only confirm the Friday meeting. However, in a letter addressed to Callaghan and SET Chairman Phillip Henriques, a copy of which was obtained by The Gleaner, James lamented the slow pace at which things were progressing.

“As businessmen, you can understand the value of time and the opportunity cost of inaction. We have been knocking at the door for almost three years, and to date, the degree of response is tepid at best,” he said.

James further argued that during this period, the broader Jamaican economy had seen the closure of the Monymusk factory and the Golden Grove sugar operation, a depreciation of the local currency, and a heightened interest across the globe in renewable energy sources.

“With these pressures within the economy, we would have thought that the [Government], through SET, would be acting with alacrity to see how we can collaborate to resolve the challenges that the sugar cane industry faces,” James added.

“Therefore, the fundamental question for the SET is whether there is a genuine interest in this project,” the letter ended.

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