Tender for Int’l Financial Services Provider closed

Sale of GuySuCo properties

The Special Purpose Unit (SPU) under the National Industrial and Commercial Investments Limited (NICIL) has announced that the selected tender for International Financial Services Provider has closed.

A press statement from the SPU said selected tenders were invited from PriceWaterHouseCooopers, Ernst and Young, Delliote, and KPMG to provide services to the SPU as a financial services provider.
The selected international services provider, according to the SPU, would be conducting the valuation of all assets under the control of the Guyana Sugar Corporation (GuySuCo) in addition to other advisory and financial services.
At the closure of the tender on Monday, the SPU had received submissions from all of the four invited companies. An award should be made within two weeks. It is expected that the valuation of the assets and the preparation of a prospectus will be completed by the end of January 2018.
Meanwhile, advertisements have been placed for Expressions of Interest (EoI) in the sugar factories and estates. The deadline for the EoI has been extended from November 3 to November 24.
Head of the SPU under the NICIL, Colvin Heath-London has said the SPU is interested in companies, both local and international, that could integrate the production of sugar into their existing operations and product mix.
According to him, companies that are in rum production, other beverage manufacturing, and food processing, for example, would be ideal as potential operators of some of the current GuySuCo assets.
While factories could be sold to potential operators and investors, lands will not be sold but could be leased.
The Opposition has since said that the SPU was set up by the Administration in order to sell assets belonging to GuySuCo is nothing but a vehicle for corruption that completely bypasses the established privatisation procedures and the sale of State assets.