Business sector has confidence in economy

TIMES INT'L

Dear Editor,

Just under one week after the country’s budget had been presented, the giant manufacturing company Banks/DIH Limited announced a massive Gy$3.2B investment scheme which will further accelerate growth in the company.

We welcome the announcement, which was made by the company’s managing director and chairman, Mr Clifford Reis, while addressing the 55th annual general meeting of the entity. Banks/DIH, now a billion-dollar company, was born from a merger between Banks Breweries and D’Aguiar Bros (DIH) Ltd in 1969 with a share capital of Gy$4,140,000.

We recognize that the company has since grown from strength to strength. The three principal business functions of the company are the production of beverages, food products and restaurant operations. The company also has banking services, following the acqui-

sition of 51 per cent shares in Citizen’s Bank.

It is heartening to note that the company will, this year, embark on projects which include the purchase and installation of a new soft drink plant. Other projects to be tackled this year include the upgrading and automation of the brewery, which runs to the tune of some Gy$95 million, and the acquisition of additional vehicles, which costs another Gy$154 million.

Further, the carbon dioxide generating plant will be replaced at a cost of Gy$98 million, while there will also be the installation of a new Electronic Bottle Inspector and Checkmat System for the beer bottling plant.

The money for these capital works will come from the company’s cash reserves, with some borrowing from financial institutions, a clear indication that the company is in a financially healthy and stable condition.

Based on its performance over the years, Banks DIH Limited has been contributing steadily to the country’s economy; and the current economic indicators of the company are pointing to increased growth, which favours the country’s development.

It is remarkable to note that, despite this being an election year, the company is still embarking on capital works of this magnitude. It goes to show that, come what may, the company’s interest is to deliver improved and marketable end products to customers.

It is clear that, like so many other business entities in Guyana, Banks DIH Limited has demonstrated its confidence in the country’s economy.

Regards

SM Lall

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