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Sep 6, 2011

Cabinet says several entities want to buy B.S.I.

The Belize sugar Cane Farmers on Monday disclosed that they had secured financing to acquire the controlling shares in the Belize Sugar Industries Limited. They also said that B.S.I. had not provided them with the pertinent documentation to complete the buyout package and they asked government to intervene. The issue was discussed in today’s Cabinet meeting. A government release says that there are now five expressions of interest in a buyout. And in respect of the request for government intervention, Cabinet says that it is the Employees Trust, which owns majority shares that will decide which proposal to accept. Government also said that it has already offered to transfer its small shareholding in B.S.I. to the farmers. The release further states that “If it is the desire of the majority of the farmers to own B.S.I. outright, that would be laudable.” But GOB says it’s objective is to encourage the best proposal, which should fund B.S.I.’s debts liquidation as well as expansion of the factory.

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3 Responses for “Cabinet says several entities want to buy B.S.I.”

  1. Ricky Malthus says:

    The Cane Farmers Association and the BSI workers must be encouraged to join forces to buy the Belize Sugar Industries. It is a profitable purchase with lots of room for expansion, increased production capacity, and apermanent ready market. Now, Mr. Ortega must push his financial team to cooperate fully with the Sterling Group to sift through the financials to determine strenghts and weaknesses of BSI , to install expert operations management team, and don’t copy any bad habits from previous managements. Invest in your future and work hard and the future will protect you.

  2. Earl Grey says:

    HOW WILL THIS BENEFIT THE PEOPLE OF BELIZE?????????????????

  3. Steve says:

    The sugar industry has always brought benefits to the Bzean. The industry had been the #1 foreign exchange earner. The two northernmost districts have shown economic growth over the years because of the sugar industry. Cane farmers buying BSI means that the industry will stay in the hands of Bzean. foreign exchange will come into the country. Proceeds will remain in Bze. If Banco Atlantida buys out BSI, there will be flow of money out of the country.

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