Sugar sector divestment latest
Published:Tuesday | January 27, 2009 | 5:41 PM
The government said it has no intention of extending the month end deadline for the divestment of the assets of the Sugar Company of Jamaica.
With four days to go before the January 31 deadline, it’s still not clear whether an agreement will be signed with Brazilian company Infinity Bio Energy.
The Prime Minister Bruce Golding told the Gleaner Power 106 News that the government is yet to finalize the arrangement for the sale of the five state owned sugar factories.
There have been concerns about the delays in the divestment process after the administration missed two deadlines for the completion of the deal with Infinity Bio Energy.
The deadline was originally set for September 30 and was later shifted to December 31.
And concerns have been mounting since news emerged late last year that following the release of Infinity Bio Energy’s financial statements, the company said it could not guarantee that the deal would take place.