Jamaica reopens search for sugar factories buyer

KINGSTON,(Reuters) - Jamaica's Sugar Industry Authority has reopened its search for a buyer or buyers for five loss-making state-run sugar factories after a failed purchase bid by a Brazilian company.

In advertisements published by local newspapers, the authority asked for applications from suitably qualified individuals and firms to purchase the factories, which employ more than 20,000 full-time workers.

Prospective buyers were asked to take all the factories as a package deal, or submit bids for individual properties.

The Caribbean island's government decided to reopen the bidding process after a purchase deal by Brazilian company Infinity Bio-Energy fell through.

The Brazilian sugar and ethanol producer was unable to come up with the $25 million deposit required to take over the factories by the third and final deadline of Jan. 31 this year, Jamaican officials said.

The company blamed the global economic slowdown.

Infinity was to have bought a 75 percent stake in the factories, while the government would have retained the remaining 25 percent.

The Jamaican government had decided to continue with milling operations at the factories for the present harvest, which is expected to end in July.

But officials have said the state cannot continue to run the loss-making factories for longer than this year.