KOMENDA SUGAR FACTORY GETS NEW INVESTOR

The Minister for Trade and Industry, Mr. Alan Kojo Kyeremanteng has said that Agrotech Limited, a company incorporated and operating in Ghana in the agribusiness sector will be working with STM Projects Limited, an Indian based company that possesses extensive experience in the management and operations of Sugar Mills and plantations both in India and other parts of the World.

According to the Minister, the first three years of the Agreement, Park Agrotech will invest $28 million in capital expenditure and working capital, including paying an annual concession fee of $3.3 million for a period of fifteen years.

Mr. Kyeremanteng speaking on the floor of Parliament briefed the House on current status of the Komenda Sugar Factory.

According to him, “rapid measures are been put in place to revamp the factory to restore it’s glory”.

To this effect, informed the House that in June 2019, Park Agrotech Ghana Limited was approved by Cabinet as the preferred Strategic Investor for the Komenda Sugar Factory”.

Therefore explained that, the approval by Cabinet was in accordance as required by Conventional Practice, hence the Transaction Advisors entered into final negotiations with the successful bidder with the view to entering into a concession agreement for the operations of the Komenda Sugar Factory.

The agreement Mr. Kyeremanteng added will also needs parliamentary approval for it’s effectiveness and with regards to that, the required documentation will be brought before this House in due course.

The Trade and Industry Minister assured the House that the formal agreement has now been executed between Park Agrotech Limited and Komenda Sugar Development Company Limited and as soon as the restriction on foreign travels arising from the COVlD-I9 Pandemic is lifted, the technical partners of Park Agrotcch will begin a comprehensive programme of action to bring the Komcnda Sugar Factory back to life.

“This will bring prosperity to the people of Komenda and its adjoining communities”, he acknowledged

Source: www.thenewindependentonline.com/ Delali Gavor/ Parliament

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