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Bids for sugar Co.

Six companies have submitted bids to take over the struggling state-owned sugar company, which is being privatized, reports AP (Oct. 17, 2007):

Companies in the running to purchase the cash-strapped Sugar Co. of Jamaica include Brazil's Coimex Trading Co., Angostura Holdings Ltd from Trinidad & Tobago and Florida's Flo-Sun Inc., said Agriculture Minister Christopher Tufton. June 2008 was the deadline for privatization of the state-owned industry consisting of six estates that produce the large majority of Jamaica's sugar exports;

Government announced plans to sell the company three years ago after it accumulated more than US$180.5 million in debt. In 2005, government announced a plan to restructure the sugar industry to focus production more on ethanol and molasses. But most cane fields remain focused on sugar. Jamaica has been squeezed by deep cuts in sugar subsidies by the European Union for producers in the Caribbean, Africa and the Pacific. Other Caribbean nations, such as St. Kitts and Trinidad, have shut down their centuries-old sugar industries.
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Title Annotation:JAMAICA
Publication:Caribbean Update
Geographic Code:5TRIN
Date:Dec 1, 2007
Words:165
Previous Article:Tourism key industry.
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