It has been on pause for months, but, just as we predicted, shortly after SSB Chairlady Chandra Nisbet exited-the moving hands behind the BTL acquisition of Speednet have brought it back to the table.
As a 34% shareholder in BTL-Social Security Board was the most significant holdout-saying they needed more information before agreeing to support the acquisition.
Well, she's gone now-and the Board met on Friday. There has been no official word, but reports suggest Social Security's board of directors has voted to support the acquisition.
And that's why tonight the Belize Chamber of Commerce-who has a representative on the board-is calling for an immediate halt to BTL's proposed buyout of Speednet.
Chamber officials warn that merging the nation's top telecommunications providers would effectively create a state-backed monopoly.
The pushback follows BTL's decision to move forward using a valuation based on just a single year of financial records. BCCI President Giacomo Sanchez warns that the acquisition would leave consumers vulnerable to higher prices, diminished service, and slower innovation.
The Chamber is now urging the government and regulators to block the acquisition until a full five-year financial audit is conducted and formal merger regulations are put in place.
