BSI Deal Almost Complete Print E-mail
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Thursday, 30 August 2012 00:00

Sugar factoryThe Belize Sugar Industry is nearing the completion of the expansion of share capital and within the next 30 days, the process should be complete.

On Monday of this week, Senator Godwin Hulse told Love FM as much. He explained that the due diligence process by American Sugar Refineries (ASR), the company which will be infusing BSI with new capital, has been complete. Within a week's time a subscription deed would have been signed and a month from there, all outstanding debts will be settled by ASR. Hulse also explained that within the next 30 days, the shareholders agreement will be signed so by the start of the new crop, the entire deal would have been complete.

Under the agreement ASR will assume some 64 million dollars in debt which is owed by BSI and BELCOGEN to various creditors. They will also increase sugar production through improved sugar deliveries, an expansion in production and in yields. At the end of the transaction,  ASR would have owned 80% of the company.