Is marina plan sunk?

NO WORD: The Thai sugar giant MSF Sugar remains silent on the future of a riverside development.

Karleila Thomsen

THE buyout of MSF Sugar means an uncertain future for the company's planned $500 million development on the Mary River.

After laying dormant for years, the 1300-home "village centre" and marina looked certain to go ahead after being added to the Wide Bay Burnett Regional plan and fast-tracked by the government's Special Projects office last year.

But while the Thai sugar giant has promised it will continue to invest in the four MSF mills, including Maryborough, it has remained silent on the future of the mammoth riverside development that was hailed as the start of a brave new era for the region.

Member for Maryborough Chris Foley urged the company to continue with the project.

The project was set to include a 300-berth marina, shops, cafes, a sports centre, parks, walking tracks and a beach-style swimming lagoon.

"I've taken numerous delegations to the minister regarding the Mary Harbour development and I will continue to push for it," he said.

Mr Foley said it was also vital for Mitr Phol to create jobs and growth across the Fraser Coast.

"I'd like to meet with the new owners next time they are here and get a briefing as to what differences they will see in their core business," he said.

Mitr Phol president and chief executive Krisda Monthienvichienchai also announced plans to diversify into biomass power plants and biofuels to increase value from the Australian mills, a proposal Mr Foley said he would welcome.

Mitr Phol announced on Tuesday that the sale had gone unconditional and yesterday, its stake in MSF edged up to 72%.

Once it acquired 90%, it could trigger a compulsory acquisition of the remaining shares.