Amalgamated Telecom Holdings Limited (ATH) has quoted an additional 25,807,044 shares on the South Pacific Stock Exchange (SPX) trading platform during pre-open session today on July 29, 2020, subsequent to the completion of a Rights Issue by the listed entity.
The SPX said that at the conclusion of the Rights Issue, ATH raised $51,614,088 through this corporate action.
ATH had earlier announced a Rights Issue offer to eligible shareholders to acquire one new share for every 6.66 existing shares at an issue price of $2.00.
As disclosed in the Offer Document, proceeds from the Rights Issue will be used to fund capital investments and for general corporate and working capital purposes.
SPX acting CEO Pretesh Prasad said that it was encouraging to witness ATH using the SPX platform as an avenue to raise additional capital and realising the benefit of being a listed entity.
“Even though the amount raised was less than the maximum offer, given the general uncertainty in light of the economic disruptions caused by the COVID-19 pandemic, ATH has raised a notable sum,” Mr Prasad said.
ATH listed on the SPX on April 18, 2002.
ATH’s present market price is $2.00 and following the quotation of additional shares, the market capitalisation of the entity stands at $895,823,824, which occupies 25.92 per cent of the overall market value of all SPX listed entities reaffirming ATH’s position as the largest SPX listed entity by way of market share.
ATH’s Price Earnings ratio (PE) now stands at 10.57 times with a dividend yield of 1.25 per cent. The Earnings per Share (EPS) for the company stands at 18.92 cents.
