The National Financial Corporation (CFN) plans to sell the emblematic La Clementina banana farm, valued at USD 93 million. The CFN will auction the emblematic La Clementina banana farm, located in the province of Los Ríos, in the first quarter of 2023.
The workers of La Clementina bought the farm in 2014 with a loan from the CFN for USD 74 million, but could not pay it, so the property passed into the hands of the Corporation. The 10,000 hectares of the farm have been grouped into 18 lots for this new sale. Interested parties may present their offers for one or more lots, explains Jorge Luis Andrade Avecillas, president of the CFN Board of Directors. On the other hand, the CFN seeks to reduce its delinquency rate from 27%, which is the highest in the Ecuadorian financial system, to 10% in two years.
Andrade: “We will start the sale as soon as possible. We hope to sell the farm in the next three months, at least part of it. We have already had approaches with several interested parties.”
“The farm would be valued at around USD 93 million, but we expect to earn a profit above that, we still don’t know how much more it could be. We will hire a company to do the valuation of each lot.”