We are prepared to go to court for our shares – Coconut Industry board
The Coconut Industry Board is insisting its shares in Seprod are not owned by the state and is vowing to fight the Government’s attempts to sell them.
The government has said it owns 163.42 million shares through the Coconut Industry Board, and plans to dispose of 122.5 million shares or 75 per cent of those holdings.
The shares to be sold are worth some $2.27 billion.
In announcing the planned divestment last week, the Government said it would transfer the proceeds of the sale to the consolidated fund.
However, chairman of the Coconut Industry Boar, Leonard Green, says the board is willing to go to court to fight the divestment.
Green says the government has no right to request more than half of Board's holdings in Seprod as the shares are owned by coconut farmers and not the government of Jamaica.
Green says the Board’s operations will be severely affected if it gives the government 75 per cent of its shares in Seprod.
If the sale goes through, the Coconut Industry Board's ownership in Seprod will fall from 31.65 per cent to 7.9 per cent.