Government offers 44.5% of Belize Telemedia to public

The government of Belize has put up for public sale 22 million ordinary shares of national PTO Belize Telemedia (BTL) at BZD5 (USD2.49) per share, representing 44.54% of the fixed line, broadband and mobile operator’s issued share capital. The offer is open to Belizean citizens and companies from 15 October to 31 December 2010, and the stake is expected to raise over BZD110 million for the government, which since re-nationalisation last year owns 94.5% of the telco. The state plans to transfer 10% of its remaining 50% of BTL to the firm’s employees, and has also decided to reduce the company’s business tax from 24.5% to 19% and remove a 15% tax on dividends. According to BTL’s sales prospectus, it has over 30,000 fixed lines in service, 180,000 mobile subscribers and 12,000 internet and data customers. It has 460 members of staff, with projected revenues of BZD146 million in 2011, and net income of BZD37 million forecast for that year.