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Oct 28, 1999

Canadian company buys into B.E.L.

In September, the government announced the sale of its shares in the Belize Electricity Limited. For twenty-one days, the Belizean public could buy into the company. Local bidding closed on October fourth, while internationally, bidding closed on October eight. In a press release today, the government of Belize announced that one thousand, four hundred Belizeans, representing credit unions, religious, social and educational institutions, corporations, B.E.L. employees and the public, subscribed to over two million, three hundred twenty-two shares. The remaining shares, valued at thirty-four point one million dollars, were sold to two strategic investors, namely Newfoundland Energy Cayman Incorporated and Maritime Electric Incorporated, both affiliated with Fortis Inc. of Canada. The official signing took place today in Belmopan. The Fortis Group will provide B.E.L. with strategic advice, access to enhanced technology, financing and commitment to overall economic development of B.E.L.’s service areas. These areas are being targeted so that the company can expand its current foundation of solid customer service. A statement from the Ministry of Public Utilities commented that “the successful public offering of the Government shares in B.E.L. is an endorsement of public confidence in the electricity utility as a national growth industry”.

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