The Belize government’s attempts to close a quick deal with a strategic partner for a 45% stake in the country’s nationalized multimillion dollar telecommunication company, Belize Telemedia Limited, will have to wait at least another two months, BTL’s Chairman Nestor Vasquez said this week.
Despite a firm purchase offer made by investors from Argentina, the Government of Belize will not see the sale of BTL through until June or July.
Vasquez said that a group of three investors have expressed an interest in becoming the “strategic investor” via a letter of intent. The interest was expressed a few months ago, and the negotiation with the government continues as it conducts its due diligence.
The investors visited Belize for the second time last week, in order to work out the details of the agreement with the government. But the Belize government is also wanting to do its own due diligence to ensure that the investors meet all the requirements and qualifications to make the telecom company continue on its success path.
When the government expropriated BTL in August of 2009, it acquired 94% shares in the company and left 6% of the shares that were bought by Belizeans untouched. It then reserved 45% of the shares to be bought by a strategic investor. The rest, a total of 49%, were offered to the Belizean public.
Since then the Social Security Board has purchased 20% of those shares, and a few thousand more have been bought by Belizeans – one of them of recent is BTL’s CEO, Karen Bevans.
Shares are being sold at $5.00 per share. Uptake has been poor due to to ongoing litigation between the Belize government and the owners of Belize Telecommunications Ltd.
Recent Comments