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FNPF ponders telco investment

An invitation by Amalgamated Telecom Holdings(ATH) to existing shareholders to buy up more shares is still being considered by the Fiji National Provident Fund (FNPF).

FNPF is the major shareholder, owning around 72% of the telecom group.

“We are still assessing that investment,” FNPF CEO Jaoji Koroi told Islands Business.

“It’s a strategic investment for us. ATH has grown the past years into the Pacific and the rights issue is to fund that growth. Of course the environment now has changed (due to COVID-19) so we have to assess [it] differently,” Koroi said.

ATH is listed on the South Pacific Stock Exchange (SPX) and announced late April an intention to raise F$126.76 million (US$58.32 million) via a 1 share for 6.66 rights issue, at a discount price of F$2 (US$.91) per share.

The rights issue, which was to have closed on June 18, has now been extended to July 17.

For the full story, get the June Islands Business.

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