Sunday, October 7, 2012


The SUGAR FACTORY, in ORANGE WALK, sale is completed.  Don't remember the numbers offhand, but I believe the new USA owner that has sugar mills around the world has 87% shares and the control of the mill, plus 3000 acres of sugar land.  The CANE FARMERS ASSOCIATION have something like 6600 cane farmers and have about 55,000 acres for sugar producing, to sell to the mill.  The new USA owner has the expertise to increase crop yields and bring more delivery quality criteria to the business. They also are cognizant with seeds, fertilizers and other producing technology, which Belize formerly didn't have.  All told, they are investing a $100 million USA in Belize, to grow and export different types of sugar products.  All the debts of the past management have been cleared.  My numbers from memory may be inaccurate, but recollect it was $67 million in total, thereabouts.  Looks like the current, or previous Sugar Factory owners, local Belizeans, who mismanaged the industry, are holding SHARES that are going to make them rich.  Though I suspect the Belize government will see they fleece them through taxes, so that may not happen?
  The main thing, the sugar growing, exporting business is still viable in Belize.  The disastrous FISCAL CLIFF of insolvency and bankruptcy avoided, and for the economy of Belize that is a BIG THING.  Modest increase of wealth for the economy of the Corozal District and the Orange Walk District. If you compare it to what happened to the sugar business in the rest of the CARICOM countries, this deal has turned out REAL GOOD for Belize.

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