… as DICPON disposes of assets after failing to repay loan
DIPCON Engineering Services Limited and the Charity branch of Citizens Bank
Two Asphalt plants ownd by DIPCON Engineering Services Limited put up for sale by public tender
are both the latest victims of Guyana’s dismal economic performance, which has been performing weaker and weaker in recent months.
The Trinidad and Tobago-based construction company is currently in receivership after it failed to make payments on a substantial loan to the Guyana Bank for Trade and Industry (GBTI).
The company had reportedly used its assets as collateral to secure the loan from GBTI, but failing to repay on its indebtedness triggered the move to liquidate the company’s assets by placing it in receivership.
The company has since been placed in receivership – to be undertaken by Harry Parmesar – and is currently looking to dispose of its assets, including its two asphalt plants and a host of road building machinery and vehicles.
The company, through its liquidators, has begun publishing advertisements inviting potential buyers to take up the offer on its two asphalt plants and other equipment and vehicles are now on sale.
According to advertisements appearing in the local dailies this past week, the company is looking to dispose of, on an as is, where is basis, its Barber Greene Asphalt Plants.
According to the description for one of the plants, it boasts a 40’X’8 control room, 450KVA generator set, batching tower, screen decks, aggregate bins, dryer drums and a host of accessories.
That asphalt plant is currently situated at Nonpareil, East Coast Demerara.
The company has also put up for sale its second asphalt plant located at Sheet Anchor, Canje Berbice with similar specifications and accessories.
Interested parties have up to the end of next week to submit bids for consideration with the receiver reserving the right to refuse the highest or any bid without assigning any reasons.
The company has not only put up for sale its two asphalt plants, but a number of other road-building equipment.
According to the latest advertisement to be issued in relation to the sale of equipment, DIPCON is looking to dispose of a number of heavy-duty trucks, an excavator, backhoe, roller and crane.
Also up for sale is the company’s stone loading conveyor system, tower lighting sets, tar carts, rollers, compressors and road brooms, in addition to several sports utility vehicles (SUVs), among other items.
Efforts to contact Parmesar proved futile on Friday, as Guyana Times was told he was engaged in meetings throughout the course of the day.
DIPCON Engineering Services Limited was recently engaged in the multibillion-dollar construction projects, namely the East Bank and East Coast Demerara Four-Lane Highway road projects, before falling in dire financial straits and having to lay-off a number of workers.
The company also reportedly owes the National Insurance Scheme (NIS) and the Guyana Revenue Authority (GRA) significant sums of money.
Meanwhile, as the economic woes continue to deepen, another large institution has begun scaling back its operations.
Citizen’s Bank this past week announced too that it will be closing its Charity, Essequibo Branch, some four years after opening its doors.
According to advertisements appearing in the local dailies, the company will be closing its branch at Charity Waterfront on December 31 this year. The last day of business will be December 30, 2016.
According to a missive in its advisory, this difficult decision had come after a careful review of the Charity Branch operations.
“We wish to assure all stakeholders that the necessary measures are in place to ensure a seamless cessation of business at the Charity branch location,” the advertisement said.
It was pointed out too, that the 60 days advance notice has been given to customers of the bank, along with the various options open to them.
The Citizens Bank Charity Branch was commissioned on October 29, 2012, and is located in the Alphonso’s Complex at Charity Waterfront.
Citizens Bank Guyana Inc was established in 1993 and commenced business as a wholly owned subsidiary of Citizens Bank Jamaica Limited in 1994.
In 1996, Citizens Bank Jamaica Limited reduced its ownership of Citizens Bank Guyana Inc to 70 per cent, which was then acquired by existing Guyanese shareholders in Citizens Bank Guyana Inc in 1998.
