The Special Purpose Unit (SPU) under the National Industrial and Commercial Investments Limited (NICIL), announced that PricewaterhouseCoopers (PwC) commenced the process of the valuation of GuySuCo assets yesterday.
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.
NICIL and PwC signed the agreement on Friday, January 12, 2018, and work commenced with meetings with the SPU team at their LBI Offices. Today, the PwC will hold their first meeting with the CEO of GuySuCo. 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 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 sugarcane sector we are working to bring stability to the industry and affected communities as quickly as possible.”
Heath-London added that, “the work of PwC, given their vast experience in this type of process, will help all decision makers to arrive at the best decisions for the assets of GuySuCo, for other business that are in the GuySuCo supply chain, and most importantly for the workers who are uncertain about their future.”
PWC will be tasked with ensuring a level playing field for all interested parties and stakeholders as the process goes forward. Speaking yesterday after meeting the SPU. PwC Caribbean Partner, Wilfred B Baghaloo, said “We look forward to this opportunity of working with Government and the people of Guyana to a find a practical economic solution to the privatisation of the three sugar estates on a timely basis. This is indeed a challenging task but we believe that we are equipped with the necessary experience and skills set to ensure a successful project.”
PwC work on the GuySuCo project is expected to last eight months.