KINGSTON, Jamaica (AP) -- A Chinese company has struck a deal to buy Jamaica's three remaining government-owned sugar factories.
Agriculture Minister Christopher Tufton says the Cabinet on Tuesday approved the sale to the Complant International Sugar Industry Company Limited.
Complant will pay $9 million for the factories and control surrounding sugar cane lands under a 50-year lease. The deal also calls for the company to improve the factories and build a sugar refinery.
The Caribbean island's government in 2007 began efforts to sell the five companies that made up the Sugar Company of Jamaica because of mounting financial losses.
The two other factories were sold to local interests in June 2009.
Copyright 2010 The AP.