The Belize Chamber of Commerce and Industry (BCCI) has ‘publicly’ reiterated its firm opposition to the proposed acquisition of Speednet Communications Limited by Belize Telemedia Limited (BTL) in its current form.
Speednet Communications Limited, the provider operating the Smart brand in Belize, is primarily owned by the Waterloo Group Charitable Trust holding a 77.5 per cent stake with other minority shareholders.
In a statement, the BCCI said that following its formal correspondence on July 30, 2026, and the subsequent response from BTL chairman Markhelm Lizarraga one day later ‘the BCCI confirms that its critical reservations regarding governance, financial due diligence, market competition, and legal compliance remain entirely unaddressed’.
On Tuesday, BTL, whose majority shares are owned by the government, said that its board of directors had approved the proposed purchase ‘of 100 per cent of the issued share capital of Speednet, subject to the satisfactory completion of continued due diligence and the negotiation of appropriate representations, warranties and other contractual protections for BTL as the buyer’.
‘Once negotiations advance to the definitive agreement stage, the Share Purchase Agreement will be submitted to the Board for separate review and final approval before execution,’ BTL said.
It said that the proposed acquisition represents a ‘strategic investment in Belize’s digital future’ and it is intended to reduce ‘unnecessary duplication of telecommunications infrastructure, strengthen network reliability, accelerate digital inclusion and redirect resources toward modern technological modernization and connectivity for underserved and unserved communities’.
BTL said importantly the transaction will allow borrowing by BTL and ‘will not require additional investment from the Social Security Board.
‘The investment is to be repaid from Speednet’s own operating cash flows. Based on current projections, the investment of $80 million has an estimated payback period of approximately 42 years pon a discounted basis’.
BTL said that it remains committed top ‘constructive engagement’ with the government, the Public Utilities Commission and other stakeholders ‘to ensure that the proposed transaction is implemented transparently, responsibly and in the best interests of consumers, employees, shareholders and citizens of Belize’.
But the BCCI said that it is standing by its position and ‘that a second, fully independent valuation supported by no less than five years of audited financial statements from Speednet is a prerequisite for fair market evaluation’.
The private sector group says that Belize currently lacks a ‘comprehensive and merger control’ legislation framework capable of regulating telecommunications consolidation.
‘Proceedings with a merger that effectively creates a state-based telecom monopoly without prior legislative guardrails poses systematic risks to the national economy’.
Opposition Leader, Tracy Taegar-Panton said that the main opposition United Democratic Party (UDP) is ‘deeply disturbed’ by the BTL decision saying that the board approved the transaction despite repeated calls from national stakeholders for greater transparency, comprehensive due diligence and full disclosure of the financial, legal, regulatory and governance implications of the deal.
She said that the decision ignores concerns raised by the BCCI, the National Trade Union Congress of Belize (NTUCB) as well as members of the public over the proposed acquisition.
Panton said that the purchase of what she described as a strategic national asset using public resources should not proceed ‘under a cloud of uncertainty’ and that Belizeans deserve to know whether the deal represents value for money, whether any conflicts of interest have been addressed and whether the interests of taxpayers, consumers and Social Security contributors have been protected.
NTUCB president Ella Waight says the union body has consistently placed its concerns on record, but those concerns have not influenced the process and that BTL has shown disregard for the unions’ position on a major national issue.
‘We don’t want to just be heard, we are not an entity that just want to be heard, we want to be adhered to. We want to be taken seriously and our recommendations adhered to. We don’t sit here to be heard.
‘If that is the case, forget BCCI, forget NTCUB on any board of directors on SSB on BTL. We are not just here to be place holders. We are here to make meaningful input and provide guidance from the congress which represents workers of this country,’ she added.