Fiji's principal telecommunications holding company 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).
In a South Pacific Stock Exchange (SPX) announcement, ATH said after obtaining all regulatory approvals – it had increased its shareholding in Bluesky Pacific Holdings Limited from 60.66% to 91% shares (35% directly and 56% indirectly through the Company’s subsidiaries, Bluesky Samoa Limited and AST Telecom, LLC). The value of the purchase was FJD11.4 million (USD5.7 million).
Bluesky Pacific Holdings Limited through its subsidiaries owns majority shares in Telecom Cooks Islands Limited T/A Vodafone Cook Islands.
“The increased shareholding in the business will allow ATH to optimise the value of synergies within the Group,” the ATH stated in the market announcement.
“Furthermore, the swap also strengthens ATH’s shareholder base with the presence of institutional shareholders like the UTOS.”
The ATH Group of Companies comprises ATH, Telecom Fiji Limited, Vodafone Fiji Limited, FINTEL, Fiji Directories Limited, ATH Kiribati Limited, Telecom Vanuatu Limited and Datec (Fiji) Limited and its subsidiary, Datec Australia Pty Limited, Bluesky American Samoa, Vodafone Samoa and Vodafone Cook Islands and Digitec Communications Limited.