May 2015 Financial News

Sagicor may pull up farming stake

May 01, 2015

SAGICOR FINANCIAL CORPORATION, one of the island’s largest land owners through subsidiary Barbados Farms Limited (BFL), is contemplating pulling out of sugar cane production and agriculture altogether.

More than seven years after it won a bidding war and purchased BFL – including more than 1 400 acres of land – for $79 million, Sagicor has had enough of BFL’s financial losses – about $4.5 million in the last three years alone – and the absence of Government policy “clarity” for the sugar industry.

As a result, Sagicor’s president and chief executive officer (CEO) Dodridge Miller announced yesterday that the group would have “an internal discussion” next week to decide if it would pull out, a move he acknowledged would have major implications for local agriculture. (SC)

Source:
SHAWN CUMBERBATCH
shawncumberbatch@nationnews.com
Nation News
Friday May 1, 2015

http://www.nationnews.com/nationnews/news/66832/sagicor-pull-farming-stake