ATH paid $9m for FINTEL
July 9, 2014 1:42 am
Amalgamated Telecom Holdings spent $9 million to buy out the government’s shares in FINTEL.
The deal was struck in August last year as ATH bought out 357,000 shares to become majority owner of FINTEL which is responsible for the management of the Southern Cross underwater cable.
The ATH 2013 annual report states the $9 million is based on the net asset value of the government shares as at 31st March 2013.
The report also confirms FINTEL sold its freehold property in Vatuwaqa and its main office building in Suva to the Fiji National Provident Fund for $4.6 million.
Meanwhile Telecom Fiji is looking for a buyer for Ganilau House – its headquarters in Suva.