GOB said Friday that it would give CASCAL a down payment of US$14.9 million when the share purchase agreement was completed, on or before October 3, 2005. The CASCAL shares would then be transferred to GOB.

Subsequently, GOB would pay the US$9.9 million balance by installments over the next 4 years at interest of 10% per annum. The money would be paid to CASCAL in US dollars.

Contrary to reports that it was CASCAL that wanted GOB to take back the shares because it was disappointed with what it had purchased from GOB and disagreed with the Public Utilities Commission over rates, Smith said that it was GOB that took the initiative to take back BWS.

Interestingly, he prefaced his limited comments by citing a clause in GOB?s agreement with BWS, stating that neither side would make any public comments until the agreement was sealed?which suggests that Belizeans won?t know what GOB is negotiating on their behalf until the ink has dried on the contract.

According to Smith, a resolution was passed in support of the buy back of BWS at the People?s United Party national convention held this February.