The Unit Trust of Fiji (UTOF) has announced its purchase of over three million Amalgamated Telecom Holdings (ATH) shares through a transaction on the South Pacific Stock Exchange (SPX).
According to a statement from UTOF, the shares were acquired from the Unit Trust of Samoa (UTOS) through a swap arrangement involving ATH shares exchanged for UTOF units, avoiding any foreign cash outflow in the process.
“This strategic reduction in ATH ownership signifies UTOF’s approach to portfolio diversification. Nonetheless, UTOS remains a significant ATH shareholder, underscoring its commitment to the regional telecommunications giant,” the statement read.
On June 24, over three million ATH shares were traded on SPX, marking the largest single-day transaction since the company listed in 2002, apart from a rights issue in 2020 and a partial divestment by the Fiji Government in 2015.
UTOF disclosed that the shares were exchanged at $2.20 each, culminating in a transaction valued at $7.685 million.
ATH’s top 10 shareholders, as listed in its 2023 annual report, include 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).
With last month’s divestment, the Unit Trust of Samoa’s shareholding in ATH has decreased to 3,464,355 shares, while the Unit Trust of Fiji’s holdings increased to 22,855,979 shares, amounting to 4.78% of the total ATH shares.