Jun 5 , 2021
Ernst & Young, one of the four largest international consulting firms, is inching closer in its bid to serve as a transaction adviser in the privatisation of 10 out of the 13 state-owned sugar factories in the country. The company offered half of the price named by the only other competitor, Price Waterhouse Cooper (PwC). Ernst & Young offered 3.3 million dollars while PwC offered a little over 6.6 million dollars. Bidding was opened a month ago by the Public Enterprises Holding and Administration Agency. Though 11 companies showed an interest in the invitation to bid, only 6 were able to fulfil both technical and financial criteria, and only two made it into the final round of evaluations. The winner is expected to plan and recommend the best transaction approach that fits each sugar plant besides providing support for the Agency in attracting potential investors during the privatisation process. EDITOR'S NOTE: This story has been edited on June 7, 2021
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