KINGSTON, January (JIS) — Chinese outfit Pan-Caribbean Limited, operators of the Monymusk and Frome sugar factories, has announced plans to pump between US$180 million and US$200 million into enhancing the plants, and upgrading equipment at the two facilities.
Chief Executive Officer (CEO) of Pan-Caribbean, Dr Huaixiang Wu, made the announcement Wednesday (January 15), as he addressed a signing ceremony with the All Island Cane Farmers Association at the Ministry of Agriculture and Fisheries in St Andrew.
Dr Huaixiang said that the investment is in keeping with the company’s commitment to the local sugar industry.
He said that last week, the board approved the agricultural investment plan at Monymusk worth some US$40 million to US$50 million, and that work has already begun.
Pan-Caribbean represents the Chinese firm COMPLANT International Sugar Industry Limited to which Government divested its sugar assets at Frome, Monymusk and Bernard Lodge in August 2011.
