In a filing with the South Pacific Stock Exchange (SPX), Amalgamated Telecom Holdings (ATH) has announced the signing of a conditional share sale agreement to purchase a 30.34% interest in Bluesky Pacific Holdings from Unit Trust of Samoa (UTOS). ATH went on to say that with the agreement having been inked in April this year, on 17 May – having secured the necessary regulatory approvals – it completed the transaction, increasing its shareholding in Bluesky Pacific Holdings from 60.66% to 91%; 35% directly and 56% indirectly through ATH subsidiaries Vodafone Samoa (formerly BlueSky Samoa) and AST Telecom. The value of the purchase was FJD11.4 million (USD5.7 million).
‘The increased shareholding in the business will allow ATH to optimise the value of synergies within the Group,’ ATH noted in the filing, adding: ‘Furthermore, the swap also strengthens ATH’s shareholder base with the presence of institutional shareholder like the UTOS.’
Bluesky Pacific Holdings Ltd through its subsidiaries owns the largest stake in Telecom Cook Islands Ltd t/a Vodafone Cook Islands.