7 News Belize

BSI To Sign A Major Investment Buy-out
posted (June 5, 2012)
BSI's financial woes may soon be over. It has embraced an investment proposal from an American Group, American Sugar Refining which wants to invest substantially in the company.

The proposal is for an investment which includes approximately a 60Million US dollar injection of new equity which would make ASR the majority shareholder in BSI with 85% of the company's shares. It would also make a further 30 million US dollar investment to improve and expand the Tower Hill Factory.

Broad based support came from BSI Management, the directors of the BEH Trust and the Belize Workers Union, who at an Extraordinary General Meeting of the beneficiaries of the BEH Trust a week ago voted almost unanimously to permit ASR to become the majority shareholder.

The new injection of finance will slash the company's present debt burden, while the investment in the factory will result in a shorter crop duration which means that it will no longer be necessary to operate in the early stages of the rainy season. ASR is also expected to prompt the modernization of the industry.

ASR owns five sugar mills in the United States, Dominican Republic and Mexico.

Home | Archives | Downloads/Podcasts | Advertise | Contact Us

7 News Belize