The South Pacific Stock Exchange (SPX) have announced that Amalgamated Telecom Holdings Limited (SPX: ATH) has quoted an additional 4,000,541 shares yesterday.

This was recorded on the SPX trading platform during pre-open session.

SPX in a statement said ATH had earlier announced a Rights Issue offer to eligible shareholders to acquire one new share for every 6.66 existing shares at an issue price of $2.

At the conclusion of the extended Offer period, ATH has now raised $59,615,170 through this corporate action.

As disclosed in the Offer Document, proceeds from the Rights Issue will be used to fund capital investments and for general corporate and working capital purposes.

SPX acting chief executive officer, Pretesh Prasad said: “Through the Rights Issue offer, ATH has 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.

“While the amount raised is less than the maximum offer, given the general uncertainty inlight of the economic disruptions caused by the COVID-19 pandemic, ATH has been successful in raising a notable sum.”

About ATH
ATH listed on the SPX on April 18, 2002 and provides telecommunication services in Fiji and enhances the network of telecommunications, development of internet services and provision of computer hardware and software with technical support services through its subsidiaries.

The subsidiaries are Telecom Fiji, Vodafone, FINTEL, Fiji Directories and Datec (Fiji)Ltd.

Within the last years, the ATH Group has also expanded its footprint in the region, acquiring companies in Vanuatu, Kiribati, Samoa, American Samoa, Cook Islands and Papua New Guinea.

ATH’s current market price is $1.82 and following the quotation of additional shares, the market capitalisation of the listed entity stands at $822,480,664, which occupies 25.57 per cent of the overall SPX market value reaffirming ATH’s position as the largest listed entity by way of market share. ATH’s Price Earnings ratio (PE) now positions at 18.97 times with the Earnings per Share (EPS) of the company standing at 9.59 cents.

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