Sugar holding fails to convince
The treasury minister has two weeks to decide on whether or not to create the Polski Cukier sugar holding. Based on an analysis by consultants Pro-Invest International which was presented by the treasury minister to MPs interested in the creation of a holding called Polski Cukier (Polish Sugar), state owned refineries have PLN116m in their bank accounts. This could be used to create the holding although the cash includes that which would come once certain refineries were sold to foreign investors.
Elżbieta Barys of the group of MPs trying to create Polski Cukier claims that Pro-Invest believes that this sum is far more than the minimum PLN30m that would be required to build the holding.
Elżbieta Barys is convinced that PC could be profitable if it has the full production capacity to make it work together with policies on the sugar business. Finance would come from a minority shareholder. It is rumoured that PC would have to spend several hundred million dollars of the USD2bn needed to restructure the sugar sector.