Bidding
open for Sugar Company
Jamaica Gleanner
Kingston
Petroleumworldtrinidad.com
05 21 06
GOVERNMENT
YESTERDAY opened bidding for the struggling Sugar
Company of Jamaica (SCJ) with the launch of a website,
www.sugarcanejamaica.com, which gives details of
the six estates up for sale.
Yesterday,
Aubyn Hill, a member of the Sugar Cane Industry
Enterprise Team (SET), told a press conference at
the Hilton Kingston hotel that prospective buyers
would have to meet specific criteria. These include
a commitment to investing in the local sugar industry
and a track record in sugar production.
To
date, two Brazilian companies and another from India
have expressed interest in purchasing the cash-strapped
SCJ which was put up for divestment in late 2005.
Aracatu
and Coimex are the Brazilian firms in the running
to buy the SCJ. Both are producers of the sugar
cane derivative ethanol.
Aracatu
and the Jamaica All-Island Cane Farmers' Association
will make a joint bid for the SCJ.
Coimex
is involved locally in the production of ethanol
with the Jamaican refinery Petrojam.
Damphur
is the Indian company that has shown interest in
the buyout.
The
SCJ comprises the Duckenfield estate in St. Thomas,
Bernard Lodge in St. Catherine, Monymusk in Clarendon,
Long Pond and Hampden in Trelawny, and Frome in
Westmoreland.
Agriculture
Minister Roger Clarke said the company has failed
to return a profit for some time. Last year, the
SCJ lost US$18 million, and has an accumulated debt
of US$116 million.
Jamaica Gleanner
Wednesday | May 17, 2006
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