SNPF paid first tranche of $6.5 million to “new offshore investment” ATH


In the first quarter of Financial Year 2021-2022, the Samoa National Provident Fund paid its first tranche of five tranches to Amalgamate Telecom Holding Limited (ATV IV) in the amount of $6.5million for this new offshore investment.

This was confirmed in a quarterly report by the Ministry of Public Enterprises which oversees the operations of public entities.

The ATH is Fiji’s principal telecommunications holding company, through its investment and provision of direct services in a broad range of telecommunications and services in information and communications technology.

Last year April 2021, ATH signed a conditional Share Sale Agreement to acquire 30.34 per cent shares in Bluesky Pacific Holdings Limited from Unit Trust of Samoa (UTOS).

With the settlement of the transaction on May 17, 2021 (after obtaining all Regulatory approvals), ATH increased its shareholding in Bluesky Pacific Holdings Limited from 60.66 per cent to 91 per cent shares (35 per cent directly and 56 per cent indirectly through the Company’s subsidiaries, Bluesky Samoa Limited and AST Telecom, LLC).

Other aspects of the SNPF quarterly report say the number of registered employers decreased by 8 percent or 166 employers compared to the previous quarter, and this is mirrored by the decrease in active members by 1 percent or 404 members.

“Despite that, member contributions increased by 7 percent. This is mainly due to the increase of the mandated member’s contribution from 9 percent to 10 percent.

The SNPF also declared an 8 percent interest for the financial year 2021 of which 4 percent was paid to members from July to August in the amount of $29million.

The remaining 4 percent was credited to members’ contribution accounts.