Prime Minister Perry Christie says talks between Bahamas Food Services (BFS) and Sysco are ongoing over the proposed sale.
He confirmed to reporters outside of the weekly Cabinet meeting yesterday that the
decision on the sale would be made soon.
"It's something that we have been looking at. We have been talking with the wholesalers. The talks between the BFS and Sysco are in progress. It's a process that we are going to go through and make a decision on. It's not one that will be delayed for much longer," he said.
While discussions thus far have been promising, Christie pointed out that there are many issues still to be resolved, if the sale is indeed approved.
"The difficulty is when you have a company completely owned by a foreigner that has been given permission to own that company. Now, that owner is trying to sell it to another foreigner. It's difficult to object to that type of transaction in this economic climate," the prime minister explained. "However, there could be apprehension if the company is so big, it could muscle out other Bahamian companies. In those circumstances, we as the government can control that reality."
The prime minister's comments come after Free National Movement's (FNM) Acting Chairman Darron Cash encouraged the government not to miss out on this opportunity, as The Bahamas could be well on its way to becoming a shareholder society if BFS is sold to Sysco.
"Last time I looked at it, there was no decision made by Prime Minister Perry Christie with respect to the sale of Bahamas Food Services to Sysco. As others have suggested, I think this is a tremendous opportunity for Christie and his government to follow the model laid down by the Ingraham administration. It's a wonderful opportunity to deepen what has already started of building this ownership society in The Bahamas," he noted.
Last month Phil Lightbourne, former BFS head of operations and owner of Phil's Food Services, revealed to Guardian Business that if the government approves the deal, shares would be offered via Bahamian Depository Receipts (BDRs)
Lightbourne said that the sale to Sysco would mean more jobs at BFS, increased job security for those currently employed with the company and the addition of a reputable company willing and able to pay its taxes and fees to the government. He added that the sale would significantly expand the product offerings available to Bahamian consumers, while also reducing the cost of such goods because of Sysco's size and capacity.
According to Lightbourne, a deal for the sale was approved by the previous government in 2005. However, due to the time it took for the deal to conclude, Sysco exited the process.

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