The Belize Citrus Growers Association today announced that it will sell 47% of the company to Blue Waters Holdings Limited and Banks Holdings Limited. In a release from the Citrus Growers Association it announces that on Monday December 18th the conditions set out for the sale were met. These came after the Supreme Court handed down two decisions on that very date.
Those are that it approves the restructuring of the CPBL's balance sheet which gives it the legal ability to declare dividends when profits are realized and an application for and injunction against the sale was denied. With that on Friday December 22nd the sale was concluded.
While the sale is completed it comes with conditions that recommendations made by the committee of five are to be incorporated into the investment agreement. The sale now brings to an end a tumultuous acquisition process where there was great opposition to the sale which was first announced in May of this year.
