PricewaterhouseCoopers selected to value GuySuCo’s assets

Dec 08, 2017 News 0

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.

PriceWaterhouseCoopers reps meeting with SPU recently.

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.