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Oct 4, 2012

ASR purchase of majority shares of B.S.I. complete

The Belize Sugar Industries is now officially an asset of American Sugar Refining Limited. The boards of both B.S.I. and ASR issued a joint release announcing ASR’s successful purchase of seventy-eight point six percent of the B.S.I. Group at a cost of sixty-four point eight million US dollars. The debts owed by B.S.I. to ING and to Belcogen have been paid off. The Government of Belize, which loaned five million U.S. dollars to B.S.I., was also reimbursed. According to the release, the company intends to increase and diversify its value added products and its expansion efforts will benefit all stakeholders including the cane farmers and B.S.I. employees. While today’s celebration is sugary sweet, only two weeks ago on September twenty sixth, the Opposition trumpeted concerns of the Belize Sugar Cane Farmers Association (B.S.C.F.A.) about the concessions given to ASR. The Sugar Industry and Cogeneration Project Development Incentives Bill gave tax breaks much like those given to Belcogen. The cane farmers association felt it gave unfair advantage to the new investors. While the bill passed in the House of Representatives, the Prime Minister defended the deal saying without the concession, the industry would have collapsed. The existing shareholders in B.S.I., including B.S.I. Employee Holdings Limited, retained twenty-one point four percent of the shares. ASR is one of the world’s largest producers of sugar and it owns five sugar mills with locations in the United States, Dominican Republic and Mexico.

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6 Responses for “ASR purchase of majority shares of B.S.I. complete”

  1. Ricky Malthus says:

    I hope the ASR does not merge the old staff with Joe Montalvo with the new mgt. staff since this will contaminate the new efficiencies to be installed. Get rid of Montalvo, Godwin Hulse and his commodities heist, and all the other corrupt trappings like new hires like Alonzo. Although I disagree with the monopoly and fiscal incentives granted to ASR, the one-sided deal is done and the caneros will be in an economically servile position for the next 10 years. The caneros will have to band together to sell their harvested cane to the Chetumal factory to avoid the ASR monopoly or go to war against Barrow and the UDP.

  2. Uncle Benji says:

    Congrats to the Americans. Watch them take BSI and turn it into a profit making machine.

    Belizeans are educated people. So why do we fail in business so often? Lazy @$$ mentality is the answer. Belizeans are lazy. We go to the States in search of our pot of gold, and we end up selling drugs on street corners or whoring in the backseat of cars. Why? Work is too hard.

    Congrats to the new owners of BSI.

  3. roska says:

    I hope that this also signals a new start for the hardworking canefarmers….. I relly hope they can open their eyes and stop following the stupid words of their polticians… red or blue…..
    I hoe they can use their common sense to realize that these politicians are only USING them to gain political mileage…

    Wake up cane farmers…..your industry came close to collapsing thanks to the politicians that only seek THEIR BENEFIT…. Unite truly, without party colours, and continue the hardwork

  4. BELIZEAN says:

    Finally we will see something good come from the north. The cane farmers are very happy with this change. The only people that are not happy are the PUP guys.. They have a hard time seeing that the UDP is actually doing something! They are so jealous.

  5. Bear says:

    I hate monopolies, too. But maybe the Americans will at least pay the caneros what they owe, when they owe it. Belizean management never paid in full, only half cash, half excuses.

  6. sugacity says:

    I am a strong PUP supporter and when my party lost I move to the USA. I read the news every day and only a fool will say that Belize is a heaven it corrupted ,a lot of people lost there job bus don;t run like they use to my country in falling apart I think Barrow should step down . I want to retired home i feel I be the next. victim because a lot of people believe that when you live in the state you have a lot of money and that not so people work very hard for what they own.look at a that couple that build their retirement home and the husband was kill that so sad for the family .I WANT BARROW TO KNOW THAT WHY BELIZEAN ARE LEAVEING THE COUNTRY AND COMING TO LIVE IN THE STATE BECAUSE THE COUNTRY IS NOT SAFE

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