PM Briceño Pushes $73M BEL Share Purchase as Strategic Move

As tensions played out outside the National Assembly, a major financial move was unfolding inside. The Briceño administration sought approval to invest seventy-three million dollars in shares from Belize Electricity Limited, a decision the Prime Minister says is a strategic step toward strengthening national ownership of the country’s power supply.

 

Prime Minister John Briceño

“This bill seeks the government authorization to purchase these shares from the consolidated revenue fund. Under the proposed transaction the government will purchase preferred shares with a rate of nine dollars per share, consisting of par value of two dollars and a pre-share premium of seven dollars. We plan to purchase approximately seventy-three million dollars of shares. What this bill will do is to authorize the Financial Secretary to make these payments on behalf of government. This is called a subscription deed, establishing conditions that must be satisfied before the transaction is completed. The government must ensure all necessary legislation, while BEL must ensure all necessary memorandums, audited financial statements, regulatory approval. Strategically, the bill represents another step in the government’s broader policy objective of increasing national ownership and influence within Belize’s electricity sector.”

 

The government plans to purchase just over eight point one million shares at nine dollars per share.

 

Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.

 

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