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Sep 28, 2005

B.T.L. shares go on sale to Belizeans… for U.S. dollars

Government is following up on its promise to make shares in B.T.L. available to the general public… but that public better have U.S. currency if it wants to buy. That’s the word from the Ministry of Finance which today issued a release announcing Belmopan’s intention to sell one point eight million “C” shares, or five percent of the company’s total ownership. Share price is U.S. two seventy-one. The memorandum of offer will be available on October fourteenth with a purchase deadline of October twenty-eighth. The minimum amount available is one hundred shares and all purchases must be in one hundred share increments. The offer is open only to citizens of Belize. When asked why Belizeans must pay in U.S. dollars, the ministry’s legal advisor, Gian Ghandi, told News Five that since the proceeds of the share sale will be used to repay the loan that government made from the International Bank of Miami to buy the shares in the first place, the sales must similarly be negotiated in U.S. dollars.

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