The Tobago House of Assembly (THA) is merging three of its state-owned special purpose companies into one. The companies reportedly have never been successful.
This was revealed on Wednesday by Chief Secretary Ancil Dennis, at this week’s virtual post-Executive Council Media briefing.
Dennis told reporters the THA will wind down the Fish Processing Company of Tobago Limited (FIPCOT), Tobago Cassava Product Limited (TCPL), and Tobago Cold Storage and Warehouse Facility Limited (TCOSWAF).
“A decision was approved today by the Executive Council to wind down three companies,” the Chief Secretary reported. “Those three companies are the cassava company, the fish processing company, and the TCOSWAF company. Those companies will be subsumed into one company called the Tobago Agri-Business Company Limited.”
He said the decision was based on years of research.
The Chief Secretary said the new company falls under the ambit of the Division of Food Production, Forestry, and Fisheries, run by Secretary Hayden Spencer. It is expected to be created by October, this year.
Giving the reason for shutting the companies’ doors, Dennis said they had not realized their “intended objectives”.
He said if the THA is to improve its food production capacity, “tough decisions” had to be made.
TCOSWAF began in 2004 and FIPCOT in 2009. FIPCOT owns Tobago’s largest commercial fishing vessel—The Capital of Paradise 1.