general meeting yesterday and agreed, as expected, to the restructuring of the company and the establishment of BELCO Holdings Ltd., as the parent company of BELCO.

BELCO shares will not trade today, but will reopen for trading tomorrow.

Shareholders first learned of the plans for restructuring at the company's annual general meeting in May.

Under the reorganisation, BELCO shares are automatically converted into shares of the new company tomorrow, at equal value. Shareholders' capital rights, voting rights and dividend rights remain unchanged.

The company said yesterday that the reorganisation better positions the group of companies to meet future challenges and provide an increased range of services.

The first step toward that new range of energy services came with the acquisition of Bermuda Gas & Utility.

The company said that the establishment of the new company, BELCO Holdings Ltd. gives the BELCO group a more flexible corporate structure to take advantage of new business opportunities.