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Dec 31, 2015

S.S.B. Returns Shares to B.E.L. After Major Return on Investment

An investment agreement between Belize Electricity Limited and the Social Security Board concludes today, ending a three-year preference share purchase.  In 2012, S.S.B. infused much needed capital into the cash-strapped utility company by purchasing ten million dollars in stocks.  As part of the agreement, S.S.B. was also able to acquire five million dollars in debentures at an interest rate of seven percent.  During that time, S.S.B. earned a total of three point one million dollars on both investments, at an average of six point six percent annual interest.  At a signing held this morning at B.E.L.’s Corporate Headquarters, S.S.B. handed over share certificates for five million preference shares, each at a value of two dollars per share.  The success of the investment is one of S.S.B.’s most profitable ventures over the last three years.  Likewise, B.E.L. recovered its financial performance and lowered electricity rates, as well as increased dividend payments to shareholders during that period.

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1 Response for “S.S.B. Returns Shares to B.E.L. After Major Return on Investment”

  1. Marie says:

    Just hope these profits are shared with the people and not just people on the board receiving the profits and calling it SSB.

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