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Gov't seeking investors to takeover Monymusk sugar factory

Published:Tuesday | January 3, 2017 | 1:06 AM
Samuda says potential investors have already come forward.

Agriculture Minister, Karl Samuda, has indicated that the government is seeking investors to takeover the Monymusk sugar factory in light of the decision of owners, Pan Caribbean Sugar Company, not to resume operating the facility next crop season.

Samuda says potential investors have already come forward.

However, he told a press conference on Friday that the discussions are at a preliminary stage.

 

The Chinese-owned Pan Caribbean is reportedly walking away from operating Monymusk because of financial challenges.

In the middle of last year, the Government entered into a short-term management agreement with Pan Caribbean which saw it operating the sugar factory as it moved to save the livelihoods of farmers who depend on the factory.

The arrangement for the government to temporarily take over the operations at Monymusk came a few years after Pan Caribbean bought the Frome, Monymusk and Bernard Lodge sugar factories from the government.