CWC completes sale of its 49% stake in FINTEL

15 Mar 2012

Cable & Wireless Communications (CWC) today announced that it has completed the sale of its 49% stake in Fiji International Telecoms Limited (FINTEL) to Amalgamated Telecoms Holdings Limited (ATH) for a total cash consideration of approximately USD10.6 million. CWC’s statement said that the sale is consistent with its strategy to ‘reshape its portfolio and develop the business around full-service telecommunications operations in a series of core regional hubs’. FINTEL provides international telecommunications solutions in Fiji, as well as wireless broadband and internet service provider (ISP) services. The government of Fiji owns the remaining 51% of shares in the company, which is managed on its behalf by ATH. For its part, ATH is a big player in the Fijian telecoms market with interests in wholly owned subsidiaries Telecom Fiji Limited and Fiji Directories Limited, and with a 51% shareholding in Vodafone Fiji.