TFL secures FJD25m loan from National Provident Fund

4 Jul 2013

National fixed line operator Telecom Fiji Limited (TFL) has secured a loan worth FJD25.78 million (USD13.67 million) from the Fiji National Provident Fund, The Fiji Times Online reports. It will use the proceeds to settle a separate loan from ANZ Bank, as part of its ongoing restructuring of its borrowings. In a report published by its parent, Fijian backed telecoms holding group Amalgamated Telecom Holdings (ATH), it was revealed that a ‘prior year loan from FNPF of more than FJD53.23 million was combined with the additional loan with new terms and conditions’. Further, the report notes that on 31 March 2013 ‘TFL acquired Transtel Limited’s business assets and business operations of marketing and selling of pre-paid transaction cards’, and purchased ATH Call Centre’s business assets and call centre operations. It also sold some real estate at Walu Bay and on 27 August 2012, the directors of FINTEL ‘resolved to fold back the operations of the subsidiary business of FINTEL Internet Services Limited trading as KIDANET with the company. The fold back process was implemented from the second half of the financial year.’

Yesterday, TeleGeography’s CommsUpdate reported that state-backed ATH, which alongside TFL has interests in Vodafone Fiji, Fiji Directories Limited, Internet Services Fiji Limited (Connect) and Fiji International Telecoms Limited (FINTEL), reported a consolidated (audited) net loss of FJD15.9 million for its financial year ending 31 March 2013, reversing a net profit of FJD18.3 million in FY2011/12. The group booked consolidated revenues of FJD270 million in fiscal 2012/13, up from FJD249 million previously, resulting in a slight improvement in operating contributions when compared to the previous fiscal year.

Fiji, Telecom Fiji Limited (TFL)