The Special Purpose Unit (SPU) under the National Industrial & Commercial Investments Limited (NICIL), yesterday announced that that PricewterhouseCoopers (PwC) has been selected as the firm to value the assets of the Guyana Sugar Corporation (GuySuCo) in the ongoing privatization and divestment process.
In the announcement yesterday, SPU which has its offices at the LBI estate, East Coast Demerara, selected tenders that were invited from PricewaterhouseCoopers, Ernst & Young, Delliote, and KPMG.
“However, KPMG did not submit a tender. The three firms, PricewaterhouseCoopers, Ernst & Young, and Delliote, all made presentations to the NICIL/SPU evaluation team,” the statement said.
After the presentations were concluded, the evaluation team selected PwC.
“All negotiations with PwC have been completed and a contract is expected to be signed by December 18, 2017,” SPU disclosed.
PwC, ranked as the most prestigious accounting firm in the world for the last seven consecutive years, will be conducting the valuation of all assets under the control of GuySuCo, in addition to providing other advisory and financial services.
“After the valuation exercise PWC will develop an investment prospectus and will, through the SPU, distribute to all interested investors. PWC will be tasked with ensuring a level playing field for all interested parties and stakeholders.”
GuySuCo, the country’s company which manages its sugar estates, is facing major financial problems for years now with falling production and aging factories that are underperforming.
A decision has been taken to divest and privatise four estates- Skeldon, Rose Hall, Enmore and Wales- with thousands of staffers already notified and some sent home because there is no work in the new year.
Sep 23, 2018By Sean Devers Three-time Champions GCC beat Police by 15 runs in yesterday’s the NBS 40-overs second division semi-final at Bourda to advance to the final against the winner of two-time champions...
During the CPL semi-final, my wife and I were switching channels after each over to escape the onerous banality of seeing... more
Editor’s Note, If your sent letter was not published and you felt its contents were valid and devoid of libel or personal attacks, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]