Seprod's decision to continue operating or shutter production at the Golden Grove Sugar Factory is now dependent on a written farm status approval from the Government, allowing the food manufacturer to absorb losses of the operation at the Group level.

After years of losses on the struggling operation, in addition to a cess placed on the locally produced sugar that cost the industry almost $1 billion per year, Seprod's announcement to ditch the operation following losses of $220 million for six months ended June 2018.

“We have gone to the government and said to them we want the ability to take the losses to the group level, that's the bottom line. If that happens then we will continue the operation because at that point the destruction of value wouldn't be to the same extent, if that doesn't happen, as I said to the shareholders this morning, within 12 months we will exit the operations,” Chief Executive Officer of Seprod Limited, Richard Pandohie told journalists during its Annual General Meeting on Monday.

 
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