Majority stake in BTL sold

Innovative Communication Corporation (ICC) has acquired a 52.5% stake in Belize Telecommunications Limited (BTL) for USD57 million from British holding company Carlisle Holdings. Under the terms of the deal ICC will formally take over operations on 1 April. The new investor is expected to take full control of the telco over the coming months, with the government’s 28% holding expected to be the next tranche of shares to be acquired. BTL is Belize’s largest telecoms company, providing a range of wireline and wireless services. At the end of 2003 it had 51,729 wireless customers, a 32% increase year on year.