US$50 million investment bid for revival of Monymusk sugar operations

 

The National Irrigation Commission [NIC] Limited has announced that a foreign investor has expressed interest in restarting operations at Monymusk Sugar Factory in Clarendon and has made a US$50 million proposal.

 

Operations at Pan Caribbean Ltd owned factory ceased for the 2018-2019 crop season, leaving hundreds of residents from the parish without a job.

 

NIC board member Dr. Horace Charoo noted on Sunday that the prospective investors are not strangers to factory operations, as they currently operate two sugar factories in India and one in Malawi. Additionally, he disclosed that their prospective joint venture partners from Guyana currently operate three rice mills in that country.

 

It was revealed in January 2018 that Complant, the parent company of  Pan Caribbean Sugar Company, was in negotiations with another Chinese firm for the sale of  Monymusk.

 

The factory reportedly racked up J$6 billion in losses after it was purchased from the Government, along with the Bernard Lodge and Frome estates in 2009.