Citrus deal: “Looking good but not there yet.”

More details are emerging on the possible buyout of Belize’s two citrus processors by Britain’s Commonwealth Development Corporation. Today News Five spoke with William Bowman, one of the major shareholders of the Citrus Company of Belize. He confirmed that representatives of C.D.C. have been holding separate talks with both C.C.B. and Belize Foods as well as the Citrus Growers Association. Although he could not offer specific details regarding the negotiations, Bowman did say that under the existing proposals, C.D.C. would buy all the shares that the current owners wished to sell. Those who chose to hold on to their shares would then become partners in the new venture. He believes the deal would be good for the entire citrus industry as the new investment it would bring would put the industry firmly on its feet and allow it to live up to its potential of becoming Belize’s largest earner of foreign exchange. It is understood that the parties are discussing share prices within a range described as “reasonable” and while a cut off date has not been established, Bowman said that he would like to see negotiations concluded by the end of September. “Things are looking pretty good” he said, “but we’re not there yet.” He added that his company was aware of possible concerns expressed by independent citrus growers and specifically assured them that any deal would safeguard and enhance the interests of Belizean farmers. The Commonwealth Development Corporation, once owned by the British government, is in the process of being privatized and bolstered by new capital. In addition to Belize, the C.D.C. is also said to be looking at citrus investments in Cuba and Costa Rica.