Timoci Vula
10 June, 2021, 7:30 am
The Asian Development Bank (ADB) and Amalgamated Telecom Holdings Limited (ATH) yesterday executed the Subscription and Shareholders Agreement (Investment Agreement) for ATH International Venture Pte. Ltd, the subsidiary company investing in ATH’s new mobile broadband telecommunications network construction project in Papua New Guinea (PNG).
In its market announcement issued by the South Pacific Stock Exchange yesterday, ATH stated that its largest subsidiary Vodafone Fiji Pte Limited was managing the project rollout.
It stated that the project had already made significant progress and “subsequently operate the mobile business under the Vodafone Brand”.
The company stated that the signing of the Investment Agreement was a key milestone for the project in formalising the ADB’s participation as the cornerstone investor in this project, and to pave the way for other equity partners to join ATH and ADB as shareholders in the project to bols