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Local News
Sale of Majority Shares in BSI Completed
Oct 04, 2012
The deal allowing American Sugar Refining Limited to acquire majority shares in Belize Sugar Industries Limited has been completed.
Effective Tuesday, October 3, all of the outstanding loan notes owed to creditors, including ING, by BSI had been paid up and the investment transaction perfected, giving ASR seventy eight percent shares in BSI.
The government of Belize which loaned ten million dollars to BSI in a highly publicized transaction in 2011- has also been fully repaid.
According to a joint statement from BSI and ASR the shares buyout deal is worth sixty four point eight million US dollars. With the majority shares now owned by ASR, the remaining twenty one point four percent of the shares in BSI are owned by cane farmers and BSI Employee Holdings Limited.
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