Belize Electricity Limited (BEL) and the Social Security Board (SSB) today closed off a three-year preference shares purchase, which has proven to be a successful venture for both parties. At a signing held this morning at BEL’s Corporate Headquarters, SSB returned share certificates for 5 million preference shares in BEL, valued at $2.00 per share. In 2012, BEL sought funding to meet its financial commitments and offered SSB a guaranteed minimum interest rate of 5%. SSB accepted the offer by purchasing $10 million in preference shares. A press release from Government Press Office today says that SSB was
“able to acquire $5 million in BEL debentures at 7% interest. Since 2012, SSB has earned $3.1 million in return on its combined investments, amounting to an average of 6.6% annual interest. “
The release says that this investment in BEL is one of SSB’s most profitable investments over the last 3 years.