Fiji-based telecommunications conglomerate Amalgamated Telecom Holdings Ltd (ATH) raised close to FJD113 million (USD54 million) from the completion of a rights issue, first announced back in April 2020. According to a statement from Pretesh Prasad, acting chief executive officer, South Pacific Stock Exchange (SPX), during pre-open trading on 6 July ATH ‘quoted an additional 20,000,000 shares’ on the bourse. ‘We at the SPX are pleased with the final result of the rights issue offer as ATH has markedly displayed how a listed entity can use the SPX platform as an avenue to raise capital while fully capitalising on the benefits of being a listed entity as well,’ the official added. Whilst the total sum raised is around 11% lower than the maximum offer, Prasad said the outcome was encouraging given the ‘economic disruptions caused by the COVID-19 pandemic since early 2020’. ATH will use the proceeds to fund capital investments and for general corporate and working capital purposes.
According to TeleGeography’s GlobalComms Database, ATH is Fiji’s principal telecoms holding company with interests in the telecoms and ICT sectors. In its home market, the group’s wholly owned assets include: Telecom Fiji Limited (TFL); Vodafone Fiji; Fiji International Telecommunications (FINTEL); Fiji Directories; ICT services firm Datec (Fiji); and equity investments vehicle ATH International Ventures. Internationally, ATH is also one of the biggest players in the South Pacific region. It owns Amalgamated Telecom Holdings Kiribati Limited (ATHKL, branded as Vodafone since March 2020), Telecom Vanuatu Limited (TVL, now rebranded Vodafone Vanuatu) and, following a deal agreed in August 2016, has now acquired all of Amper’s interests in the South Pacific, comprising Vodafone Samoa (formerly BlueSky), American Samoa Telecom (AST, known as BlueSky American Samoa) and Vodafone Cook Islands (formerly BlueSky Cook Islands).