Pigeon Point in Govt hands soon

Questioned by shareholders about the state of affairs regarding Pigeon Point, the ANSA McAL directors seemed to have been caught off guard. Sabga then disclosed: "We are very close to an agreement to sell Pigeon Point. Very shortly the property will be sold to the Government and we shall take the proceeds and move ahead with our lives." Sabga declined to give any further details about the agreement, including the price which ANSA McAL expects to receive for its former prime beachfront property in the sister isle, or what it intends to do with the proceeds of that sale.

THA Chief Secretary Orville London was unavailable for comment yesterday but other Government sources hinted that an agreement between the THA and ANSA McAL regarding the sale of the property to the former was close at hand.

On July 21, 2004, the THA acquired Pigeon Point Estate through a "private treaty" agreement with ANSA McAL. This ended a longstanding impasse between ANSA McAL and the THA over the access to and use of the beachfront property by citizens. The agreement document giving effect to the acquisition was signed by President George Maxwell Richards and Robinson Crusoe Ltd (RCL). Both the agreement and its related measures were expected to take effect within 120 days.

At a news conference in Scarborough on July 23, 2004, London gave no indication of the price tag involved in reaching this agreement. The Chief Secretary said he was unaware of the figure and even if he did know what it was, he was not in a position to reveal it.

"I am relieved that the impasse over Pigeon Point has been resolved and all the necessary arrangements have been made; the legal and administrative process has been finalised, the documents have been prepared and signed, and we can say with confidence that as of yesterday morning, the acquisition of the Pigeon Point Estate, the entire estate, has now become a reality," London said.

During yesterday’s AGM, Sabga said the group had performed creditably in all spheres of its activities during the last financial year, including its brewery operations which were severely hit by labour problems in 2004. He said ANSA McAL would be making a significant export thrust into Central America with products such as dishwashing liquid (having recently acquired the Sqezy brand), matches and paint.

Industry sources yesterday speculated that this could form part of a larger strategy by ANSA McAL to export Carib and its other beer products to Central America. Sabga said Carib accounts for 20 percent of the beer market in Guyana. He expects this figure to increase and is not worried about rival products from South America entering Trinidad and Tobago through the back door.

Sabga said a decision to construct a million-dollar petrochemical plant in South Trinidad would be made in two months while group chief operating officer Gerry Brooks predicted that a joint venture between ANSA McAL and Australian company Boral to enter the tile market in Miami would be very successful. On the Central America export issue, Brooks said the group was already doing business in Guatemala, Panama, Costa Rica, Belize and Nicaragua.