BARBADOS’ BIGGEST PRIVATE sugar cane grower has been given until month-end to determine whether it will remain in the industry.
But top officials of Barbados Farms Limited, a subsidiary of Sagicor Financial Corporation, have been in negotiations with Minister of Finance Chris Sinckler, Minister of Agriculture Dr David Estwick and technocrats from the two ministries to head off a decision that could collapse the entire sugar industry if Barbados Farms decided to pull its approximately 2 000 acres from sugar cane.
The deadline was issued by the board of Barbados Farms Ltd which is under pressure from shareholders following a “poor 2015 crop” blamed on a late start due to lack of funds to purchase fertilisers and to make other preparations.
The situation compounded the problems for the company that has been suffering financial losses for the last five years. (Willcom/GE)
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