BELMOPAN, Belize, CMC – The Belize Chamber of Commerce and Industry (BCCI) is urging the government to address speculation that the Belize Telemedia Limited (BTL) may be in talks to acquire Speednet – SMART, warning that the acquisition represents “a matter of profound national significance”.
Speednet is a Belizean communications company established in 2003, mainly providing cellular services under the brand name “SMART” and other landline services.
“This transaction would fundamentally reshape Belize’s telecommunications landscape, with lasting implications for consumer welfare, business competitiveness, the stewardship of public funds, and the overall health of our digital economy,” the BCC said in a statement.
BCCI vice president Giacomo Sanchez told reporters that, based on publicly circulating information, the figures being mentioned for a potential acquisition are in excess of BDZ150 million (One BDZ$=US$0.49 cents). There has been no official statement from the government or BTL on the matter.
The private sector group said that after “careful review” of the available information and historical context, it wanted to “articulate a position of serious and substantive concern.
It said while it acknowledges the theoretical arguments for consolidation in a small market, including potential efficiencies and enhanced investment capacity, “the current legal framework and lack of critical safeguards render support for this transaction premature and potentially harmful to the matinal interest”.
The BCCI said that among its “primary concerns” is the asymmetry between BTL, a publicly listed entity, and the privately held Speednet-Smart, coupled with a lack of disclosed beneficial ownership, which prevents the public and its representatives from assessing the fairness, valuation, and true motivations behind this transaction.
“Furthermore, since BTL is a national asset, an acquisition of this magnitude should only proceed after proper consultation with shareholders and stakeholders, including civil society.
The BCCI said that it is also worried that publicly reported ownership links between Speednet and politically exposed persons create an unacceptable appearance of conflict, undermining trust in the process and raising legitimate questions about whether this transaction serves the public good or private interests.
The private sector group said that, given historical precedent, “there is a credible risk that public resources, particularly from the Social Security Board, could be exposed to support this acquisition without sufficient independent valuation, transparency or parliamentary oversight”.
The BCCI said that as a significant shareholder in BTL, “the risk associated with the acquisition will have a direct impact on the social security fund, which may affect its ability to provide benefits to contributors.
The BCCI said that in the absence of robust safeguards, “market consolidation poses a direct threat of monopolistic practices, leading to higher prices, reduced service qualities, less innovation, and diminishing bargaining power for all consumers and enterprises.
“Therefore, the BCCI cannot, in good conscience, support any move toward consolidation, and this time,” it said, adding, “crucially, and this is our firm and non-negotiable position, the Chamber insists that any further consideration of this acquisition must be contingent upon the prior enactment and commencement of comprehensive competition and merger-controlled legislation.
It said Belize must first establish a modern legal and regulatory framework akin to those in Jamaica and Trinidad and Tobago, and “other regional counterparts”.
Meanwhile, the President of the Public Service Union (PSU), Dean Flowers, says he stands in full support of the BCCI’s position, arguing that Belize continues to grapple with utility monopolies operating at a loss.
Unfortunately, we have not seen that translate into lower costs for citizens. Right now, we are grappling with that with WASA and BEL, monopolies operating at a loss, monopolies that currently hold a significant portion of our pension benefits coming out of social security, monopolies in the case of BEL, asking for more money, while being unable to turn a profit to make the long-term pension fund more sustainable.
“And I want to applaud the BCCI for their response today. I think they were on point, and this is one time I stand in full solidarity with everything they stated in their release,” he added.
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