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BSI will make big payout

The Belize Sugar Industry/ASR group will be paying well over $6.5 million dollars in dividends to employees in the coming weeks. Love News has confirmed that report and understands that this is the first payment made to BSI employees since American Sugar Refineries took over a majority of the shares in the company. In 2012, ASR secured a majority equity shareholding of seventy-eight point six percent in the BSI Group for a total consideration of sixty-four point eight million US dollars; BSI Employee Holdings Limited holds the remaining twenty-one point four percent of the shares. When ASR took over the company, debts owed by BSI to ING and to the Belcogen consortium of lenders were completely paid off. GOB was also repaid the ten million Belize dollar loan it had made to BSI. The company has not issued a formal announcement of the payment. We will continue to follow the story.