Agriculture Minister Dr Leslie Ramsammy has said a US-based company is in talks to take over Mahaicony Rice Mills Limited (MRM) and is expected to settle all its outstanding debts to rice farmers and government.
Ramsammy said the mill and the company are currently engaged in talks towards completion of an agreement, according to a Government Information Agency (GINA) report.
“The engagement with this international company, which is between the international company and [MRM] for them to take over [MRM] operations, is contingent on them being given a licence to operate. That now becomes our responsibility,” Ramsammy said.
He said too that as far as the ministry is aware, Mahaicony Rice Mill has paid some of its debt owed to farmers though about $60M remains outstanding, and it owes government about $450M.
Ramsammy expects that the changeover of the mill’s ownership will be completed in about two weeks.
While he did not disclose the name of the potential buyer as talks are still ongoing, he did say that the company has a great international reputation and is one of the largest and leading rice traders in the region and the world.
