GuySuCo’s assets valuation to take eight months

PricewaterhouseCoopers reps, Lisa Awai, Wilfred Baghaloo and Brian Hackett during a recent meeting with the SPU in Guyana.

United Kingdom-headquartered PricewaterhouseCoopers (PwC) has begun its work to value the assets of the Guyana Sugar Corporation (GuySuCo). The project is expected to last eight months. Confirming the presence of the auditors, the Special Purpose Unit (SPU) under the National Industrial and Commercial Investments Limited (NICIL), Monday disclosed that an agreement was inked last Friday. Work commenced Monday with meetings with the SPU team at their LBI, East Coast Demerara offices. “PwC was selected from a field of the top four international financial services providers. PwC was ranked as the most prestigious accounting firm in the world for the last seven consecutive years,” SPU explained. Late last month, Government signed orders transferring four factories, slated for closure, and lands attached to them, to NICIL. The four estates Skeldon, Rose Hall, Enmore and Wales have about 70,000 acres of land between them, plus factories, houses and administrative buildings, along with equipment. It is up to PwC to determine what those assets are worth so that Guyana can have a fair price when it comes to deciding on the investors in the privatization and divestment phase. The four estates have been closed, with up to 5,000 workers sent home. They are to be paid half of their severance by month-end, and the rest in the latter half of this year. According to the SPU, the agreement was signed by NICIL a government-owned company which manages investments and the consultant. The members of the PwC team will be meeting with the head of GuySuCo. With Chief Executive Officer (CEO) Errol Hanoman, having left at the end of December, more than likely the meeting will be with CEO (ag.) Paul Bhim. “The PwC team will be carrying out the valuation of all assets under the control of GuySuCo, and develop and investment prospectus as part of the consultancy. In addition to the valuation, PwC is expected to provide other advisory and financial services.” SPU’s head, Colvin Heath-London, speaking after the meeting with the PwC team said: “We are encouraged that we were able to get the PwC team in so quickly. With the current developments in the sugar cane sector we are working to bring stability to the industry and affected communities as quickly as possible.”

(Kaieteurnews)