Chief Executive, Ivan Fong.

Amalgamated Telecom Holdings will be issuing new shares to raise one hundred and twenty million dollars.

The ATH Annual General Meeting this morning passed a resolution to offer additional shares to existing shareholders only – in order to fund projects in Papua New Guinea.

Chief Executive, Ivan Fong, confirms each shareholder is likely to be offered 15 percent of their existing stake in the company.

“ATH sees the growth opportunities in the Pacific, we’d like to continue that. The company does require additional capital, so one of the things we do want to avoid is reaching a situation where we’re taking on so much debt that it becomes too risky for the company.”

The Fiji National Provident Fund – the largest shareholder in ATH has already expressed interest in buying new shares.

However, Fong confirms the offer will be extended to all eligible shareholders.

The ATH Board will now prepare the necessary paperwork to issue the new shares.