Fiji’s Amalgamated Telecom Holdings (ATH) has extended its share rights issue for a second time this year in the face of underwhelming demand, The Fiji Times reports citing a recent South Pacific Stock Exchange disclosure. The holding company, which announced the rights issue in April this year seeking to raise FJD126.76 million (USD60 million) from existing shareholders and then extended its deadline to 17 July to ‘allow all shareholders to carefully review the Offer Document and consider acceptance of the offer’, has now set a deadline of 22 March 2021. Furthermore, with the offer undersubscribed by more than 37.5 million shares – worth FJD75 million – in July, a new deadline of 20 October 2020 was announced where shareholders who had not accepted the offer could still purchase the shares. ATH noted: ‘Taking into consideration the current economic circumstances due to the prolonging impacts of COVID-19 and the continued closure of the borders, the directors of ATH have resolved to extend the current deadline of 20 October 2020 to 22 March 2021’.
The group, which is 72.2%-owned by the Fiji National Provident Fund, hopes to use FJD100 million for capital investments and the remainder as working capital.