The Belize Chamber of Commerce and Industry (BCCI) has formally endorsed the government’s decision to suspend negotiations concerning Belize Telemedia Limited’s proposed acquisition of telecommunications provider Speednet/SMART. Prime Minister John Briceño officially mandated the pause during a recent parliamentary session.
In an official statement released this week, the BCCI emphasized that any movement on this significant deal must be predicated on establishing robust regulatory frameworks, ensuring complete transparency, and facilitating thorough public examination. The Chamber highlighted a critical regulatory gap, noting that Belize currently operates without modern competition and merger control legislation, creating an environment unsuitable for evaluating such a substantial market consolidation.
Central to the BCCI’s concerns is the contested valuation of Speednet, which has been preliminarily estimated at approximately $80 million. The Chamber insists this figure demands rigorous, independent verification and must be subjected to comprehensive public scrutiny to ensure accuracy and fairness.
The business advocacy group has specifically called upon the Public Utilities Commission (PUC) to prioritize and advocate for essential legislative reforms before even considering the transaction for approval. The BCCI has affirmed its commitment to participate actively and constructively in any legitimate public consultation process initiated by the PUC, provided it is conducted with genuine national interest at its core.