Belize government concludes sale of telecoms company shares
Wednesday, March 24, 2004
WEST PALM BEACH, USA: The Government of Belize Tuesday concluded an unconditional agreement with Innovative Communication Corporation LLC for the sale of the shares in Belize Telecommunications Corporation, owned or controlled by the government.
The agreement will formally close on March 31 with the transfer to Innovative of the 52 per cent of the shares in BTL recently acquired by the government from Carlisle Holdings Ltd. Innovative will pay the same price as that paid by the government for the Carlisle shares. Innovative's initial investment will be more than US$100 million.
Innovative will take over BTL's operations effective April 1.
"Innovative is proud to be associated with the development of telecommunications in Belize," said Jeffrey J. Prosser, Innovative's chairman, president, CEO and owner. "As a United States Caribbean-based company, ICC brings to Belize a commitment to universal service based on the best available technology and a full appreciation of Belize's development goals."
Through its related companies, Innovative Communication Corporation LLC owns and operates trend setting telecom and media companies in the US and British Virgin Islands, Sint Maarten, Saint-Martin, Guadeloupe, Martinique and France.
Both the government and ICC stressed that the agreement concluded today makes provision for interconnection between the new BTL and other licensed operators, a matter which ICC recognised as requiring priority attention.
"Today's agreement," said Belize Prime Minister Said Musa, "sets Belize on a path of truly innovative telecommunications development, fulfilling the promise held out in our first Memorandum of Understanding with Innovative last October of advances in Belize's telecommunications sector consistent with the social and economic development needs of the country. We welcome ICC's partnership in this endeavor."
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