The government of Barbados has cancelled the planned divestment of the Barbados Agricultural Management Company (BAMC), according to a press release issued by CoopEnergy Barbados. The company stated that it had been working for four years on an initiative to assume management of the island’s sugar operations.
CoopEnergy Barbados reported that it initially received cooperation from the government regarding the proposal. However, the company stated that the process stalled after the BAMC sent correspondence 18 months into the negotiations, seeking to invalidate a contract that had previously been signed by the parties involved.
The cancellation marks the end of the proposed transition of sugar operations to the private entity. No further details regarding the government’s reasoning for the cancellation were provided in the statement.
Article source: barbadosunderground.net | Image credit: barbadosunderground.net