By Devina Samaroo
The Private Sector Commission (PSC) wants to set up a Special Purpose Company with the Government to manage the operations of the Enmore Estate on the East Coast of Demerara.
According to a proposal submitted to the Special Purpose Unit (SPU) which is managing the divestment of the sugar industry, the PSC suggested that investors acquire at least 51% of the equity in the Enmore Estate while the Government will be limited to 49%.
Chairman of the Commission, Eddie Boyer told the News Room during an interview that there are a number of business officials within the entity who are interested in taking over the estate.
“We have what you call an Agriculture Sub-Committee and there are companies that belong to that Sub-Committee, there are individuals who belong to the agriculture sector, big businesses and they saw the need that the proposal should be taken to Government,” the PSC Chairman said.
Boyer added that “we will have to form a company with this group of people.”
Boyer said if the proposal is approved, the Commission will engage other interested parties to form the Special Purpose Company.
The proposal basically seeks to promote the complete the privatization of the Enmore Estate whereby Government ownership will be phased out after a number of years.
Boyer said this will encourage private investors to take complete ownership of the management of the estate.
The proposal was submitted in September 2017 to the Special Purpose Unit.
He expressed hope that the proposal is accepted and that privatization occurs sooner rather than later, in the interest of the retrenched workers’ welfare.
Private sector officials recently assured retrenched workers that once the private sector takes control of the Enmore Estate, they can regain employment.
Boyer said he is aware that other companies have submitted proposals for the Enmore Estate but he believes the Private Sector Commission’s proposal is more advantageous.
He said with the Special Purpose Company, there will be a greater pool of expertise and more transparency in the management of the estate.
According to the Commission’s proposal, there will be a board of seven directors of which four will be private investors and three from the government. The estates which are up for privatization are located at Enmore, Wales, Rose Hall and Skeldon.
