Major UK firm to valuate Guysuco’s assets up for sale

Last Updated on Thursday, 7 December 2017, 19:35 by Denis Chabrol

The United Kingdom-headquartered auditing and financial services company, PricewaterhouseCoopers (PwC), has been selected to conduct a valuation of assets of the state-owned Guyana Sugar Corporation (Guysuco).

The announcement was made Thursday by the Special Purpose Unit (SPU) under the National Industrial & Commercial Investments Limited (NICIL), Thursday announced that PricewaterhouseCoopers (PwC) has been selected by the SPU.

The international financial services provider was selected from among several that had been invited.

Selected tenders were invited from PriceWaterHouseCooopers, Ernst & Young, Delliote, and KPMG. However, KPMG did not submit a tender. The three firms, PriceWaterHouseCooopers, Ernst & Young, and Delliote, all made presentations to the NICIL/SPU evaluation team.

After the presentations were concluded the evaluation team selected PwC. All negotiations with PwC have been conpleted and a contract is expected to be signed by December 18, 2017.

“PwC, ranked as the most prestigious accounting firm in the world for the last seven consecutive years, will be conducting the valuation of all assets under the control of GuySuCo, in addition to providing other advisory and financial services,” NICIL/SPU said in a statement.

After the valuation exercise, PWC will develop an investment prospectus and will, through the SPU, distribute to all interested investors. PWC will be tasked with ensuring a level playing field for all interested parties and stakeholder, the government agency said.

Guysuco has already closed its operations at Wales, Skeldon, Rose Hall Canje and Enmore with the aim of selling them off.

About 4,000 workers are being laid off by December 31, 2017.