JIS News

Prime Minister Bruce Golding congratulated the Ministry of Agriculture and Fisheries on the divestment of Government’s sugar assets that will yield an immediate return of J$8 billion. He was speaking this morning (July 30) at the divestment signing ceremony between the Government and the Chinese state-owned investment company, Complant Sugar International Limited, at Jamaica House. Mr Golding said that this move will now allow for investment in an industry that can propel national development.
The divestment will be in two phases. Phase one will see the sale of Monymusk and Bernard Lodge factories and factory lands for US$9 million (approximately J$770 million); immediate improvements in fields and factories for US$127 million (approximately J$11 billion) and the lease of approximately 30,000 hectares of cane lands at a rate of US$35 per hectare per annum for 50 years (J$1.05 million per year), renewable for an additional 25 years.
In the second phase, study will be done to decide whether an additional US$221 million (approximately J$19 billion) should be invested in a sugar refinery that will process 200,000 tonnes of raw sugar per annum and also an ethanol plant. That study will be completed in early 2011.
In his remarks, Chairman of Complant International Mr Tang Jianguo recalled the company’s record of good cooperation with Jamaica. He also said that Complant had a history of constructing, renovating and upgrading sugar plants and its long term goal was to boost the production of Jamaican sugar for mutual benefit and interest.
Complant is an investment arm of the People’s Republic of China. Its previous projects in Jamaica are the construction of the Trelawny stadium and the convention centre in Rose Hall St James.
Participating in the signing were the Minister of Agriculture and Fisheries, Dr Hon Christopher Tufton; the Permanent Secretary in that ministry, Mr Donovan Stanberry; Commissioner of Lands, Mrs Elizabeth Stair; Ambassador Derick Heaven and other directors of the Sugar Company of Jamaica; SCJ Holdings Limited; the Sugar Industry Authority; the National Sugar Company Limited; Sugar Shipping Limited and the Ministry of Water and Housing. Head of the Sugar Divestment Team is Mr. Aubyn Hill.

Skip to content