A Handsome Dividend to BSI Employee Holdings Print E-mail
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Thursday, 07 March 2013 00:00

BSIThe Belize Sugar Industry Limited held an annual general meeting on Tuesday March 5th during which the company declared dividends for the year 2012. During the meeting it was announced that a 3 million dollar dividend payment will be made to entities who had shareholding in the company previous to the October 2nd, 2012 equity transaction to ASR which took over majority shareholding in the company by virtue of over U.S. 100 million dollar investment in the company. In that transaction, ASR bought out BSI's liabilities at international and local banks as well as the Government of Belize. It also paid out outstanding dividends to the BSI's Employee Holdings, and committed to have at least 30 million U.S. dollars invested in the company.

With the declaration of dividends, which is approximately $0.068 per each of the 44 million issued shares before ASR's investment, the BSI's Employee Holdings will receive approximately 81.29% of the 3 million dollars or $2,438,627. Those moneys are expected to be disbursed on March 14th and the Employee's Trust will then disburse to its membership on Thursday, March 21st.