Shareholders in Fijian telecommunications holding company Amalgamated Telecom Holdings (ATH) have been given until 18 June 2020 to confirm their participation in an offer to buy more shares. The Fiji Times reports the announcement was made by ATH on the South Pacific Stock Exchange in a recent filing. ‘Amalgamated Telecom Holdings Limited announced on 20 April 2020, that ATH was undertaking a 1:6.66 pro rata non-renounceable rights issue of approximately 63,379,109 fully paid ordinary shares to raise approximately FJD126,760,000 [USD57.4 million]. The price of new shares under the Offer is FJD2.00 each,’ it said. The offer was opened to all stakeholders via an Entitlement and Acceptance Form and the Rights Issue Offer opened on 19 May 2020 with a deadline of 5pm on 18 June (unless extended). The holding company’s two principal shareholders according to its offer document are the Fiji National Provident Fund (FNPF, 72.2%) and the government of Fiji (17.2%).
As previously reported by CommsUpdate, ATH is looking to raise funds through the issuance of new shares for overseas projects, and in November 2019 passed a resolution to offer additional shares to existing shareholders only – likely to be equivalent to no more than 15% of their existing stake in the company. FNPF has already expressed interest in buying new shares, although the offer will be open to all eligible shareholders.