Debt-ridden State sugar company, the Guyana Sugar Corporation Inc (GuySuCo) is selling more land on the East Coast Demerara and Georgetown and is inviting expressions of interest from prospective buyers.
In an ad in the Guyana Chronicle yesterday, GuySuCo said it intends to sell portions of its transported freehold lands situated at Industry, Ogle, Goedverwagting and Sparendaam, East Coast Demerara. These lands would be sold in plots of not less than one acre per plot, the ad said. The corporation invited interested individuals/companies to submit expressions of interest to purchase portions of the lands mentioned.
According to the ad, a copy of a plan showing the various locations can be obtained at a non-refundable cost of $1,000 from the Legal Department at the Corporation’s Head Office, Ogle Estate, East Coast Demerara.
In another ad, GuySuCo said it intends to sell portions of its transported freehold lands situated at Mandela Avenue, Georgetown, Liliendaal and Ogle, ECD. It invited interested individuals/companies to submit sealed bids for the purchase of the portions of lands which vary in size.
The ad said that GuySuCo reserves the right to accept or reject any or all of the expressions of interest without assigning any reason(s).
The beleaguered and debt-ridden sugar corporation has resorted to land sales in the past to raise cash for its operations and to pay off bank loans. It remains in dire financial condition and has embarked on a cost-cutting exercise. In July, GuySuCo had advertised for an intermediary to assist it with the sale of land to prospective buyers.
This year, in the national budget, government allocated $9 billion to assist the corporation in its recovery and modernization programme. Minister of Finance Winston Jordan has said the industry is threatened by weakening sugar prices, aged machinery and high production costs.
