SSB approves buying shares in GOB utility companies

The Board of Directors of the Social Security Board on Thursday June 23, 2016, approved the purchase of Government’s shares in BEL and BTL at a recommended purchase of 40 million dollars of BEL’s shares and 15 million dollars of BTL shares. The Investment committee made the recommendation to the Social Security Board as a sound investment since those monies would only be growing at a 2% rate of return while sitting in a bank. The benefit to purchasing the shares in the two government owned utility companies, according to the recommendation of the investment committee, is that those companies have been gaining at 6% to 10% over the years.The board voted unanimously to approve the $55 million purchase of shares. The final price is to be negotiated with GOB.

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