Government Moves to Invest $73 Million in BEL Through Share Purchase Plan

The Government of Belize is seeking to invest approximately seventy-three million dollars in Belize Electricity Limited through the purchase of more than eight million shares in the company. Prime Minister John Briceño announced the proposed investment during today’s sitting of the House of Representatives. The initiative is outlined in the newly introduced Belize Electricity Investment Bill, which authorizes the Government to acquire 8,138,020 Convertible Redeemable Preference Shares in Belize Electricity Limited. According to the Prime Minister, the acquisition will be financed through the Consolidated Revenue Fund and is intended to strengthen the Government’s position as a major stakeholder in the country’s primary electricity provider.

The Prime Minister went on to state that the move is all about increasing National Ownership and Influence within Belize’s energy sector. Before the investment is finalized, the Prime Minister says that certain conditions must be met to ensure transparency.  

Once all conditions are met under the Subscription deed, the FinSec will be authorized to make the payment on behalf of the Government.