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Jun 20, 2013

B.E.L.’s Annual General Meeting

Tonight, the Belize Electricity Limited will hold its Annual General Meeting of Shareholders for the year ended December thirty-first, 2012 at the Best Western Belize Biltmore Plaza. At the meeting, the Company will declare dividends after booking a thirty-seven point eight million dollar increase in shareholder equity over the two-year period January 2011 to December 2012.The company’s Board of Directors will declare a dividend of five cents per share on the issued and outstanding fully paid shares, which was payable to shareholders at the close of business on December thirty-first, 2012. B.E.L. is also pleased to report that the Company was able to pay off a thirty point three million dollar debt to customers in 2012 as opposed to the four-year period initially prescribed by the Public Utilities Commission (PUC). In 2012, the Company transitioned its financial reporting system from Canadian Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) and therefore restated its 2011 financial statements. The Audited financial statements for 2012 therefore indicate a loss of sixteen million dollars, however this presentation, does not take into consideration the fact that the Company has paid off the thirty point three million dollar debt to customers.

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1 Response for “B.E.L.’s Annual General Meeting”

  1. Orange Walk observer says:

    It has been proven oevr and over that everything or anything government touches, turn to sh-ttt. Worse in Belize and this current government running things as if BEL or BTL were their private business; management and Board filled with cronies instead of intelligent Accountants/managers with proper knowledge of how to run a Business properly. Look at SSB, it is being handled as government’s private piggy-bank; and where is SSB money being funnelled? Back to BTL and BEL which were once really profitable entities now they are like a sponge!!!!

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