The Unit Trust of Fiji (UTOF) has announced its involvement as the buyer in a notable divestment involving 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.
UTOF highlighted that this strategic reduction in ATH ownership is part of its portfolio diversification efforts. Despite the transaction, UTOS remains a significant ATH shareholder, underscoring its commitment to the regional telecommunications giant.
On June 24, more than three million ATH shares were exchanged on SPX—the largest single-day transaction since ATH’s market listing in 2002, apart from a rights issue in 2020 and a partial Fiji Government divestment via a special crossing in 2015.
UTOF confirmed that the shares were swapped at $2.20 each, with the total transaction value reaching $7.685 million.
According to ATH’s 2023 annual report, the company’s top ten shareholders are: Fiji National Provident Fund (347.9 million shares), Republic of Fiji Islands (72.9 million shares), Unit Trust of Fiji (Trustee Company) Limited (19.3 million shares), Unit Trust of Samoa (6.9 million shares), iTaukei Trust Fund Board (6.5 million shares), Amalgamated Telecom Nominees Limited (4.7 million shares), Tonga Retirement Fund Board (4 million shares), FHL Trustees Limited Atf Fijian Holdings Unit Trust (3.2 million shares), BSP Life (Fiji) Ltd (2.17 million shares), and FHL Media Ltd (2.09 million shares).
The recent divestment by Unit Trust of Samoa reduces its shareholding in ATH to 3,464,355 shares and increases Unit Trust of Fiji’s total shares in ATH to 22,855,979 shares, which amounts to 4.78% of all ATH shares.