The Unit Trust of Fiji (UTOF) has confirmed that it was the purchaser in a recent sale of over three million Amalgamated Telecom Holdings (ATH) shares on the South Pacific Stock Exchange (SPX).
“The shares were acquired from our Samoan counterpart, Unit Trust of Samoa (UTOS), through an ATH shares to UTOF units swap arrangement, ensuring no foreign cash outflow was required to settle the transaction,” UTOF stated.
“This strategic reduction of ATH ownership highlights UTOF’s efforts in portfolio diversification. Despite this transaction, UTOS remains a significant shareholder of ATH, demonstrating its commitment to the regional telco giant.”
On June 24, more than three million shares in ATH were traded on SPX, marking the first significant amount transacted in a day since the group listed in 2002, apart from a rights issue in 2020 and a partial divestment by the Fiji Government through a special crossing in 2015.
UTOF disclosed that the shares were swapped at $2.20 each, resulting in a total transaction value of $7.685 million.
According to its 2023 annual report, ATH’s top 10 shareholders are: Fiji National Provident Fund (347.9 million shares), Republic of Fiji Islands (72.9 million), Unit Trust Of Fiji (Trustee Company) Limited (19.3 million), Unit Trust Of Samoa (6.9 million), iTaukei Trust Fund Board (6.5 million), Amalgamated Telecom Nominees Limited (4.7 million), Tonga Retirement Fund Board (4 million), FHL Trustees Limited Atf Fijian Holdings Unit Trust (3.2 million), BSP Life (Fiji) Ltd (2.17 million), and FHL Media Ltd (2.09 million).
Last month’s divestment by the Unit Trust of Samoa reduces its shareholding in ATH to 3,464,355 shares while increasing Unit Trust of Fiji’s total shares in ATH to 22,855,979 shares or 4.78 percent of the total ATH shares.