Belize Sugar Industry aligns its new management with ASR

On October fourth, Belize Sugar Industries and American Sugar Refining Limited issued a joint release announcing ASR’s successful purchase of seventy-eight point six percent of the B.S.I. group at a cost of sixty-four point eight million US dollars. And now that ASR has paid off B.S.I.’s debts owed to ING Bank and the Government, the transaction according to ASR is now complete and they will begin to align B.S.I.’s operational and business systems with those of A.S.R. There have been changes in management: Joey Montalvo is no longer Managing Director, but retains title as C.E.O. of the B.S.I. Group responsible for the implementation of the overall organization’s strategy and the policies of the Board. Paul Hough, who was the Group’s General Manager, becomes Chief Operating Officer, ensuring that operational targets are achieved. Former Deputy General Manager and Finance Director, Belizario Carballo, is now the Chief Financial Officer of the BSI Group. Belizario will be responsible for the Group’s financial, marketing, internal auditing and corporate matters and will take a lead role in industrial relations and public relations.