The Ministry of Trade and Industry and Transaction Advisor, Price Waterhouse Coopers are concluding preparations for a Concession Agreement with a strategic investor, Park Agrotech Limited, for the development of the Komenda Sugar Factory.
The sector Minister, Allan Kyerematen said the agreement with Park Agrotech Limited will enable them to operate the factory. Mr. Kyerematen said this in Parliament in response to a question by MP for Komenda-Edina-Eguafo-Abrem, Samuel Atta-Mills.
The MP sought to know why the Komenda Sugar Factory is still closed, and what has happened to the issue of a Strategic Investor for the company. Mr Kyerematen explained that Park Agrotech Limited is a Ghanaian-based agro-processing company which together with its India-based technical partner, have significant expertise in sugarcane cultivation and the sugar processing industry. He said working with the Transaction Advisors, the Ministry has painstakingly worked through various requirements and requests.
As part of the arrangements, Park Agrotech has applied for and has been granted One District One Factory (1D1F) status by the Ministry. This he said will enable Park Agrotech to take advantage of the incentives and benefits as approved by Parliament for 1D1F registered companies and to commence operation at the Komenda Sugar Factory expeditiously.
Mr. Kyerematen further said the Ministry has instructed the Transaction Advisor and Park Agrotech to ensure the Conditions Precedent to the Concession Agreement and a Road Map for the opening of the factory is finalized by the end of next month to enable operational activities to start before the end of the year.