Investors bid for Jamaica\'s sugar assets
Published:Tuesday | March 17, 2009 | 6:20 PM
The Agriculture Ministry is reporting that 14 proposals have been received from local and international investors to buy Jamaica’s sugar assets.
Agriculture minister, Dr Christopher Tufton, said Cabinet today signed off on the proposals. Some of the proposals relate to parts while others are for all of the packages up for divestment.
The Government is trying to sell its five sugar factories plus the Petrojam Ethanol plant. The Government was forced to put up its sugar assets for sale a second time after a deal with Infinity Bio Energy (IBE) fell through.
Dr. Tufton said the prospective investors are now carrying out their due diligence. He also added that Cabinet has mandated the Sugar Negotiating Team to engage in talks with the entities to conclude the divestment as soon as possible.
IBE, a Brazilian-based company, was given two extensions to find the money to buy the factories and the ethanol plant, but failed to do so before the January 31 deadline.
The Government then said it would not be able to wait any longer and reopened the bidding process, this time, adding the local ethanol plant inthe offer.
In the meantime, the Sugar Company of Jamaica continues to reap the 2008/2009 crop.