GOB Plans to Keep Majority Share in BEL

Belizeans may soon have the opportunity to own a stake in the country’s main power company. Prime Minister John Briceño says the government is preparing for the future sale of 33.5% of its shares in Belize Electricity Limited (BEL), while making clear that the state will retain a majority stake as required by the Constitution. “The government must keep a majority shareholding,” Briceño said, assuring that this portion is not for sale.

The Prime Minister clarified that the divestment is currently on hold due to BEL’s financial condition. “Right now we can’t do it because… of the financial dire straits that BEL finds itself with,” Briceño explained, noting that selling now would mean “taking pennies on the dollar.” The priority, he said, is to stabilise BEL’s finances and improve the company’s situation before any public offering.

He assured that Belizeans will have a chance to invest directly. “Of course, that’s the whole idea,” he said. “I hope we could get thousands of Belizean citizens to invest $1,000, $5,000, $10,000… to have as many Belizeans as possible to invest.”

The divestment will be structured in two phases, with approximately 35% to be sold as shares valued at around 160 million Belize dollars, Briceño said.

He emphasised that the initiative aims to secure strong returns for the Social Security Board. “We need to be able to find solid investments for social security… and so we see this as being one of them,” he said.

Local financial institutions have already expressed interest, according to Briceño. “The banks have expressed interest. The credit unions have expressed interest. Insurance companies have expressed interest,” he said, noting there is between 700 and 800 million dollars of excess liquidity in the system.