Jan 2008 Financial News

BFL idle lands targeted for housing

Jan 14, 2008

SAGICOR FINANCIAL CORPORATION is targeting Barbados Farms Limited's (BFL) acres of "non-productive" lands for housing development.

Now that is has control of BFL with 77 per cent of the company's shares, Sagicor announced that the takeover would allow it to "participate in an economic activity which is important to the sustainable development of Barbados and will facilitate the orderly transition of non-productive lands into its next viable alternative".

The Barbados-headquartered company said it planned to work with BFL management to "modernise and transform" agricultural production and improve the efficiency of the company which registered a marginal profit of $1.59 million as at June 30, 2007, after suffering a near-$1 million loss the previous year.

But it is the 1400 acres of land, of which more than 100 acres are regarded as rab land, that Sagicor will be targeting. (GE)


Source:
The Nation Newspaper
Monday January 14, 2008

http://www.nationnews.com/story/4642803960047.php