Monday, May 12 2008

The sale of National Flour Mills’ (NFM) rice milling operations is nothing new, according to Chief Executive Officer at NFM, Anthony Joseph.

An advertisement appearing on yesterday’s Newsday said NFM was requesting bids for the sale of the rice mill.

“This is not a new initiative since the Board had taken that decision last year to do so. So the process is now taking place and is ongoing. We simply approached the market place for interested parties and when an offer is made we will consider that,” he said yesterday. He added that it is not the first time the mill has been advertised.

The advertisement stated that NFM is in the process of disposing of all the assets of its Rice Milling operations at Carlsen Field. It stated that prospective buyers have been invited to collect an Information Memorandum from PricewaterhouseCoopers Limited and are required to sign and return a Confidentiality Agreement.

The memorandum provides information on the assets of the rice mill that would allow prospective buyers to make a determination on the bid for the assets. The ad noted that bids will only be considered for all the assets. No assets will be sold individually or separately.

Perspective buyers are being asked to submit a letter of interest to PricewaterhouseCoopers stating their proposal as well as a statement of financial assurances of their ability to undertake such an investment by June 30.