El Salvador: Deadline Extended for Sale of Mills

Reforms have been made to the Law on Privatization of Mills and Alcohol Plants to give a three year extension to the timeframe for selling shares of mills owned by the Salvadoran Investment Corporation.

Friday, February 20, 2015

From a statement issued by the Legislative Assembly of El Salvador:

The Legislature approved on Wednesday, with 44 votes, an amendment to the Law on Privatization of Mills and Alcohol Plants in order to extend for three years the period for the Salvadoran Investment Corporation (CORSAIN), to sell shares of some mills that were subject to privatization and are still owned by them.

In the Partial Favorable Opinion, it was established that for the purchase of shares preference must be given to cane growers, employees and former employees of privatized mills.
CORSAIN will have to offer the sale of shares by a notice published at least three times in a national newspaper: where it establishes as a base price the value they had at the time of sale, as determined in advance by an expert estimate.

With the aforementioned provision, the term will run until 31 March 2018, pending the study of the reform contained in the initiative presented by the Executive Branch of the value of the shares, by the Committee on Economy.

More on this topic

Shares in Sugar Mills For Sale

September 2017

Cane producers and workers from the four mills operating in El Salvador are those who will be able to purchase part of the shares that Corsain has already put up for sale.

The Salvadoran Investment Corporation (Corsain) published the conditions of sale of its share in the capital stock of four sugar mills, with which it aims to raise about $27 million.

El Salvador: Government to Sell its Shares in Mills

August 2017

In search of fresh resources, capital shares in sugar factories and plants held by Corporación Salvadoreña de Inversiones will be sold to private companies.

The aim of the Sánchez Cerén administration is to part with its shares and obtain fresh resources to pay off debts amid the liquidity crisis it is facing. The decree approved by the Legislative Assembly "... establishes a deadline up until October 10 for Corsain to be able to gradually sell the shares it owns, which could be worth about $23 million." 

Sugarcane Growers Want Part of Energy Revenues

August 2015

Producers of sugarcane in El Salvador have proposed amending the regulations so that they can receive part of the revenue generated by the mills from the sale of surplus energy produced.

The union of producers stated that the practice of producers receiving revenues generated by the mills from energy production using sugarcane is very common in other countries.

Laws Reforms Urged for Approval Fomilenio II

November 2013

If approval is not given to the amendments to the Law on Public-Private Partnerships and the Money and Asset Laundering Act, the second disbursement will not be realised.

This was explained by Salvadoran President Mauricio Funes. "Donors are free to stipulate any conditions deemed appropriate. Everything that is the responsibility of the Executive has already been done," he said.

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