BCWU says 84% of members no longer support BTL’s proposed acquisition of SMART

By Breaking Belize News Staff: The Belize Communications Workers’ Union (BCWU) says an overwhelming majority of its members have withdrawn their support for Belize Telemedia Limited’s proposed acquisition of Speednet Communications Limited, the company which operates SMART.

In a press release issued on Monday, August 10, the union said that following an emergency membership meeting on August 6, 84 percent of its members indicated that they no longer support the acquisition as it is currently proposed.

According to the BCWU, members had initially supported the acquisition during a BTL employee town hall on January 22, but only on the “express understanding” that concerns raised by the union would be adequately addressed. Those concerns included job security for existing BTL employees, the financial implications of the transaction, governance and disclosure issues, the integration of SMART employees, and whether those workers would be able to join the BCWU.

The union said it had also sought assurances that any acquisition would be conducted through a phased process with meaningful consultation involving the National Trade Union Congress of Belize (NTUCB). The BCWU says discussions continued with BTL management, but members remain concerned about what they consider insufficient information and consultation surrounding the proposed deal.

The development comes days after BTL’s Board of Directors approved management’s proposal to acquire 100 percent of Speednet’s issued share capital. BTL has placed the proposed investment at approximately $80 million, while stressing that the transaction is not yet final and remains subject to continued due diligence, negotiations and final approval of a Share Purchase Agreement. BTL has also said the transaction would not require additional borrowing or funding from the Social Security Board.

BTL has maintained that acquiring Speednet could reduce duplication of telecommunications infrastructure, improve reliability, expand connectivity and allow greater investment in underserved areas. Earlier this year, the company also told the public that job protection, current pricing and regulatory compliance were among the issues being considered as part of the proposed transaction.

The proposal has faced sustained scrutiny from unions and the business community. The Belize Chamber of Commerce and Industry has called for the process to be halted pending greater financial disclosure and safeguards for competition, warning about the implications of bringing the country’s two major telecommunications providers under one ownership structure.

The BCWU says it will now align itself with the NTUCB in determining its next steps, insisting that BTL employees are stakeholders in the process and that their voices must be heard.

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