If you have a some savings stashed away, the government is giving you the chance to invest in Hydro Belize Limited - formerly Fortis Belize. Hydro Belize provides approximately a third of the power supplied annually to the country - and with BEL needing as much power as it can produce, it's considered a solid investment.
Today, a star offering was announced.
According to a press release, quote, "Together, the plants have a capacity of 51 megawatts of power, hold long-term power supply agreements with BEL, and generate gross annual revenues in 2024 of approximately BZ$50 million." End quote.
As the PM explained today, in the first instance, four million shares, or 50% of the current outstanding shares of the company, will be offered for sale at $29 per share. He also told us that it's an opportunity for individuals and smaller investors to get a share before larger investors get a piece. Here's how he explained it.
John Briceno, Prime Minister
"As we said from the start when I presented to Cabinet and it went to the National Assembly that these shares, we want to offer it to Belizeans so that the Belizean public can benefit from these shares. We are offering 50% of the shares and this is mostly for small investors like yourselves if you have some money I think you should invest. I think it will give you a good return for teachers, BDF, everybody, individuals. And then the other 50% is being held back by the government and after this first 50% initial offer is finished, then we want to do the other 50% and based on if all of it is bought up and if it's not then it will be left for the institutional investors such as Social Security. Social Security is expressing great interest, the prospectus is, we're only waiting for the Financial Services Commission to be able to give an actual official letter, they've already gone through it, so far as to make that offer. After this then we go to the institutional investors such as Social Security and I think HRCU has already expressed some interest."
The share sale opens tomorrow and will close on January 20th. Applications are available online at hydrobelize.com. If all 4 million shares are sold, the government would recoup $116 million dollars.
