Samoa’s superannuation fund and unit trust executes co-investment agreement with ATH and ADB for PNG mobile project

The Samoan National Provident Fund (SNPF) and the Unit Trust of Samoa (UTOS) have executed a co-investment agreement so it jointly invests alongside Amalgamated Telecom Holdings (ATH) and the Asian Development Bank (ADB) in the PNG mobile project.

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 June, the ATH and the ADB 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 a market announcement by ATH issued on the South Pacific Stock Exchange (SPX) yesterday, it stated this investment would be made through ATH International Ventures (ATHIV), a company registered in Singapore and tasked with financing a new mobile broadband telecommunications network construction project in Papua New Guinea, which will operate as Vodafone PNG.

ATHIV is a subsidiary of the ATH Group.

ATH Group, through its subsidiaries is the main provider of telecommunications services in Fiji, Kiribati, Samoa, American Samoa, Vanuatu, Cook Islands, and soon in PNG.

“Registration of ATHIV in Singapore provides a strategic positioning of the investment vehicle for potential access to the ASEAN capital markets in the medium to long term,” the ATH stated.

“ADB being the cornerstone investor in the PNG Mobile Project with its financial standing in the capital markets and the inclusion of Pacific Island countries in its membership paved the way for other institutional equity investors in the region acceding to this investment.

“The coming together of SNPF and UTOS to jointly invest allows for Samoa to access sizeable, attractive investment opportunities that each institution may not necessarily be able to invest in on a stand-alone basis.

“It is envisaged that this initial joint investment will lay the groundwork for more opportunities in which the Fund and the Trust collaborate on in future.”

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