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Acquisition Of 30.34% Shares In Bluesky Pacific Holdings Ltd From Unit Trust Of Samoa (UTOS) And Subscription For Shares In Amalgamated Telecom Holdings Ltd (ATH) By UTOS

In April 2021, ATH signed a conditional Share Sale Agreement to acquire 30.34 per cent shares in Bluesky Pacific Holdings Limited from Unit Trust of Samoa (UTOS). With the settlement
04 Jun 2021 13:32
Acquisition Of 30.34% Shares In Bluesky Pacific Holdings Ltd From Unit Trust Of Samoa (UTOS) And Subscription For Shares In Amalgamated Telecom Holdings Ltd (ATH) By UTOS

In April 2021, ATH signed a conditional Share Sale Agreement to acquire 30.34 per cent shares in Bluesky Pacific Holdings Limited from Unit Trust of Samoa (UTOS).

With the settlement of the transaction on May 17, 2021 (after obtaining all Regulatory approvals), ATH increased its shareholding in Bluesky Pacific Holdings Limited from 60.66 per cent to 91 per cent shares (35 per cent directly and 56 per cent indirectly through the Company’s subsidiaries, Bluesky Samoa Limited and AST Telecom, LLC).

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.

Furthermore, the swap also strengthens ATH’s shareholder base with the presence of institutional shareholder like the UTOS.

The details of the share swap transaction are:
a) Acquisition of 3,034 shares (30.34 per cent) from Unit Trust of Samoa (UTOS) in Bluesky Pacific Holdings Limited for the consideration sum of NZ$7.79 million (FJ$11,402,223 at mid-point FX rate of 0.6832).

b) Capitalisation of ATH loans payable to UTOS amounting to SAT $2,326,105 (approximately FJ$1,953,069 at exchange rate of 1.1910).

c) Issue of 6,677,646 shares to UTOS from the shortfall shares arising from the Rights Issue Offer by ATH at an issue price of $2.00 per share for the consideration sum of FJ$13,355,292.

The shares were issued in compliance with section 283(3) (b) of the Companies Act, 2015 and Articles 2.1 and 2.12(vi) of ATH’s Articles of Association.

The shares rank equally with the existing listed shares of the Company.

 

Feedback: maraia.vula@fijisun.com.fj



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