Latest update April 25th, 2024 12:59 AM
Apr 08, 2017 News
Golden Grains Investments announced yesterday that it has reached a purchase agreement that allows that company to acquire all of Alesie Group’s assets in Ruimzeight, Vreed-en-Hoop, Wakenaam and Corriverton.
Golden Grains Investment was established in Dubai since 2004 and is a leading importer-exporter of grain, food and non-food products for the food service industry. It is a leading distributor for major food lines from countries worldwide.
The deal was unanimously approved by the Alesie Board and considered the proposed transaction to be in line with the interests of the company, its shareholders and its employees.
Recently, Alesie Rice Group announced it was pulling out of the industry. At the time former Chief Executive Officer (CEO) of Alesie Rice Group, Thurane Doerga, said the company had been operating with many constraints and certain recent developments necessitated the move – not least of which is the lack of coherent policies, something that continues to plague the sector.
The rice expert said that the deal that was brokered by NexGen Global Marketing Services comes at a time when the industry is at a crossroad. He urged the government to find markets for the struggling industry.
However the now stated sale of the rice group which according to Doerga was for a substantial amount comes less than a month after Alesie announced it was pulling the plug on its Guyana operation.
Persons who are familiar with the way such major sales are conducted believe that this deal was in the pipeline for some time now. The purchases of such big companies take a great deal of time and negotiation and it is inconceivable that such a deal could have been brokered in less than a month.
Additionally the transfer of ownership and the drafting of the necessary legal documents to validate and finalize the sale are additional time consuming measures.
When Doerga announced his closure he had already sold Alesie for a hefty profit and merely wanted to signal his way out.
On announcing the closure of his company after 25 years, the former CEO of the rice group explained that after the last election it was hoped that the ruling administration would have advanced different policies from its predecessors.
Doerga said that the People’s Progressive Party Civic (PPP/C) during its time in government marginalized and ostracized the Alesie group, and that this was also a contributing factor.
Doerga also said that there are chosen rice millers who seem to be having a greater say in the industry and special privileges are constantly being extended to them.
When contacted by Kaieteur News on the sale, Doerga said that Golden Grain Investment has given an undertaking to ensure all jobs are secured and that no one that was employed with Alesie is laid off. Doerga said that all the rice mills previously owned by his group will remain open as well.
As a leading rice miller and distribution company, Alesie was for 25 years dedicated to providing solutions that enhance the safety, quality and convenience of rice. In partnership with brands around the world, Alesie develops and distributed food products to millions of families around the world.
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