BEL raised $66.8 million through an offering of new shares, and $18.2 million of that came from the Social Security Board. With the additional investment Social Security increased its shareholding by one-half percent to 27%. Had Social Security chosen not to invest, its shareholding would have been diluted and it would have lost the power to appoint two directors, one of which is the Chairman. Fortis also made a sizeable re-investment to increase its shareholding by 1% to 67%. And while Fortis and Social Security invested liberally, BEL reports that most of the 1,500 small shareholders neither exercised their rights to buy new shares, nor did they sell those rights. BEL will now use the $66.8 million to repay short term debt and fund development programs including an upgrade of the transmission system.

Tags BEL Social Security Board Fortis