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Bid for sugar producer.

BID FOR SUGAR PRODUCER. A Brazilian company is in the running to purchase the cash-strapped Sugar Company of Jamaica, which has been put up for sale by government, Agriculture Minister Roger Clarke said, reports AP (May 4, 2006). Sugar and ethanol producer Aracatu will make a joint bid for the company with the All-Island Jamaica Cane Farmers Association, he said. Other companies from India and Canada have shown interest in making bids as well, Clarke said. Bidding was to begin May 16 for the company, whose five sugar estates produce 65% of Jamaica's sugar export. In recent years the company has failed to return a profit, losing US$18 million (euro 14.29 million) last year, and has an accumulated debt of US$116 million (euro 92.12 million), Clarke said.
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Title Annotation:JAMAICA; Sugar Company of Jamaica
Author:Wagenhein, Kal
Publication:Caribbean Update
Article Type:Brief article
Geographic Code:3BRAZ
Date:Jun 1, 2006
Words:131
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