Despite pulling out of the rice industry, the Alesie Rice Group’s remaining mills will continue their operations, and the company announced on Friday that it had reached a purchase agreement with Golden Grains Investment.
According to a joint press release from the Alesie Rice Group and Golden Grains Investment, they have reached an agreement which will allow Golden Grains Investment to acquire all of the former’s assets in Ruimzigt, Vreed-en-Hoop, Wakenaam and Corriverton.
“The deal was unanimously approved by the Alesie Board that considers the proposed transaction to be in line with the interests of the company, its shareholders and its employees,” the statement said.
According to the media bulletin, the CEO of Golden Grains said that the acquisition of Alesie’s assets will see Golden Grains Investment grow to become a major player in the rice industry, in Guyana and around the world.
“The Alesie Group has done an amazing job over the years of building a culture of success in the rice industry locally and internationally, and we intend to continue to promote the brand alongside the Golden Grains portfolio of products. This transaction will enable Golden Grains Investment to benefit from Alesie’s technical, industrial, commercial and financial experience,” the press release quoted the CEO as saying.
“We are delighted with this rapprochement, which allows us to meet our commitments to our farmers and partners in Guyana. Alesie has enjoyed 25 years of success in Guyana and we look forward to continuing our journey under this acquisition agreement,” the Chairman of Alesie’s Board, Turhane Doerga was quoted as saying in the joint release.
After 25 years in Guyana, Alesie decided to cease operations earlier this year, and Doerga had explained to Stabroek News that the decision to do so stemmed from there being no change in the rice industry, even after the new government had taken charge. He said the current administration was still implementing policies of the previous administration which are detrimental to the industry.
However, despite leaving, Deorga had promised that the group’s mills would be up and running again, as Alesie was in talks with local persons.
The media bulletin also explained that Golden Grains Investment had been established in Dubai, UAE, since 2004 and has more than 450 major clients worldwide, ranging from “top hospitality and supermarket chains,” and the company is set to grow, “through its ability to deliver tradition, quality and taste.”
The statement added, “The Board of Alesie has appointed NexGen Global Marketing Services, the company that brokered the deal, as its authorized agent to handle the transition and ensure that all outstanding liabilities of the group to farmers and other creditors are fully satisfied in a timely basis.”