For some time now, we haven't reported anything on the proposed buyout of majority holdings in BSI.
Well, Cabinet discussed it today and noted that there are now five groups expressing interest in BSI, including the farmers. So who will get it? Well, a release says quote "Cabinet wants to see the investment that is necessary to guarantee the viability of the industry happen….(but) points out that only the Employees Trust that is the majority owner of BSI can ultimately decide which proposal to accept."
As for the cane farmers interest in acquiring a stake in BSI, Government has already offered to transfer Government's small share holding in the company to the farmers if terms and conditions can be agreed."
But, the farmers - nationally at least - want a majority shareholding. Government says that would be laudable but re-iterates that only the BSI workers can agree on who will get those shares.
Government favours a deal that will ensure funding for the liquidation of BSI's debt as well as for the factory's expansion.
