Electric and gas utility Fortis Inc (FTS.TO) on Monday said it has agreed to terms of a settlement with the Government of Belize regarding the Government's expropriation of Fortis' about 70% interest in Belize Electricity Ltd ("BEL") in June 2011.
The terms of the Settlement include a one-time US$35 million cash payment to Fortis from the Government and a reduction of Fortis' common equity position in BEL to about 33%.
Completion and implementation of the Settlement is subject to legislative approval by the Government and other conditions precedent, which are expected to be completed in the coming weeks.
BEL is the primary distributor of electricity in Belize, Central America and is regulated by the Public Utilities Commission.
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