Voluntary suspension to allow auditing of ATH financials

AMALGAMATED Telecom Holdings (ATH) has applied for, and received approval from the South Pacific Stock Exchange, for a voluntary suspension in the trading of ATH securities with immediate effect from the close of business on June 28, 2019.

The suspension will continue until such time that ATH’s audited financial statements are filed with the exchange.

A statement published on the exchange’s official website stated that because of the significant transactions, including the settlement of the Bluesky transaction and the acquisition of 70 per cent equity interest in the Digitec Group of Companies, it envisaged the filing of its audited financial statements after June 30, 2019, instead of the timeline pursuant to SPX Listing Rule.

The ATH had recently acquired 70 per cent interest in the Digitec Group via incorporation and investment in ATH International Venture Pte Limited. The control of the Digitec Group was transferred to ATH on January 1, 2019.

Also, the acquisition of Amper SA’s interests in the Bluesky Group was settled on February 22, 2019.

According to the SPX, given the proximity of the transactions to ATH Group’s financial year end of March 31, 2019, and the significance and complexity of the transactions involved, the additional time is required to ensure the proper accounting treatment of transactions pertaining to acquisitions, and to ensure the alignment of consolidated financial reporting throughout the expanded ATH Group.

ATH will apply again to the SPX for a lifting of the voluntary suspension on the filing of its audited statements.

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