ATH was incorporated as a public company on 10 March 1998 under the Companies Act 1983, and commenced operations on 16 December of the same year. It was set up to consolidate and manage Government’s investments in the telecommunications sector as part of the public sector reform programme.
Following an international bidding process conducted by the international investment bank, Credit Suisse First Boston, the Government sold its 49% strategic stake in ATH to the Fiji National Provident Fund (‘FNPF’) in November 1998. The FNPF acquired an additional 2% of the issued shares from Government in September 1999 in accordance with a Sale and Purchase Agreement entered into in November 1998. It reduced Government’s shareholding in ATH, at that point, to 49%. In early 2002, Government further reduced its shareholding through two tranches. It sold 9.7% of the issued shares through private placement to six institutions in January 2002. A further 4.7% was sold through a Public Offer in March, in which over 1,000 investors participated. The Government currently owns 17.29% of the issued shares of ATH while the FNPF has increased its shareholding to 72.25%.