Pat Francis (left), president of JAMPRO; Sharon Webber (second left), director of the Public Enterprise Division, Ministry of Finance and Planning; and Aubyn Hill (right), chairman of the National Investment Bank of Jamaica, break out in laughter during the privatisation launch of the assets of the Sugar Company of Jamaica. At second right is Charles Matthews, president and CEO of Jamaica Public Service Company. The function was held at the Hilton Kingston hotel, St. Andrew. - RUDOLPH BROWN/CHIEF PHOTOGRAPHER
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.
