ATH ACQUIRES FINTEL

By ASHTOSH SINGH

Amalgamated Telecom Holdings Limited (ATH) announced today that it has completed the purchase of a 51% shareholding in FINTEL from the Government of Fiji for a consideration of F$9.0 million. The transaction has been funded through a loan from the Fiji national Provident fund.

While addressing at the Press conference the General Manager for ATH acknowledge and thanked the Honorable Prime Minister and Minister of Finance, for paving the way with the announcement at last year?s national budget address. He also added; that in today?s environment, especially with the growth in traffic we are witnessing with the Broadband and Internet growth, the desire of even our Pacific Island neighbors to secure international subsea cable connectivity is high and demanding.

?We have to add value, improve services, remove duplication and bureaucracy? added the General Manager speaking at the Ministry of Finance Conference Room this morning.

Meanwhile, with this purchase, FINTEL becomes a fully owned subsidiary of Amalgamated Telecom Holdings Limited.