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Jul 8, 2011

Will INFRACOM buy 45% shares in Telemedia?

Government, for the most part, has been stuck with shares in Telemedia since the company was first acquired in August 2009. There was an initial investment of fifty million dollars from Social Security and another four million dollars worth bought by ordinary Belizeans. The Central Bank has reportedly also acquired twenty million dollars worth. But the shares have generally not been selling, even at the price of five dollars per share. There is now a report that the strategic investor which government has been pursuing is a telecoms company name INFRACOM. Reports are that INFRACOM may be considering the purchase of forty five percent shares in Telemedia. The intention is for the company to first purchase a block of thirty percent and at a later date to buy an additional fifteen percent.

The thirty percent shares would give INFRACOM three directors on the board; the investment would be in the range of seventy five million dollars. Just last week Monday after a court of appeal ruling that returned the company to the owners, the Prime Minister went back to the National Assembly to re-acquire Telemedia for a public purpose. One of the three justifications for the re-acquisition is defined to provide greater opportunity for investment to socially oriented local institutions and the Belizean society at large. However, if the sale to INFRACOM proceeds, it would become the largest single shareholder, and put control of much of the telephone company in the hands of foreign investors. That would be contrary to the spirit of what the Prime Minister has been saying was the reason for the acquisition, which is to keep the utilities in local hands.  INFRACOM provides a range of services of the telecommunication services

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3 Responses for “Will INFRACOM buy 45% shares in Telemedia?”

  1. Storm says:

    We have seen it too many times before — some supposed foreign “deep pocket” that gets a sweet deal, takes control, and then under-performs or steals.

    WHO IS INFOCOM, REALLY? What is its track record? What is its motive? Does it have an secret agenda?

    BELIZE MUST HAVE TRUE TRANSPARENCY IS WHO CONTROLS OUR COMMUNICATIONS!

    Obviously Belize needs foreign investment here and in many other industries, but we must have HONEST investors.

  2. Lindsay Howard says:

    There goes our VOIP and better service at lower cost. Here comes enforcement of the monopoly.

  3. Belizean says:

    Did anyone catch the biggest controversy coming out of PM’s mouth? He stated, public utilities should be in the hands of belizeans and should be ran for the public interest and “break-even” and not profit driven for private interests, then he states that someone wants to buy almost half of the company. So how do u get a foreign investor to invest in a company that is being ran by the administration that wants it to break even? is INFOCOM so ignorant that they believe this man will sell them such a huge block, when he is standing against the man who brought telemedia to a world standard, the same man that comes from the same place as INFOCOM? Europe? The same man that represented Ashcroft yet turned on him for his personal gains? So who really is INFOCOM? Who are the share holders? I;m guessing they are not Belizeans, or a company formed by Belizeans and registered halfway across the world so we have difficulty investigating who they are…Why didnt Digicell jamaica or Telcel budge when they are next door and know us even better than INFOCOM? something doesnt smell right…

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