Fiji telecommunications giant, Amalgamated Telecom Holdings Ltd has bought out 51 percent of a Suva-based technology company for 894 thousand US dollars in a bid to expand into the region.
According to FijiLive, the company, Pacific Emerging Technologies Ltd is 49 percent owned by Sydney-based Pacific Electronic Commerce Pty Ltd and is licensed to operate in 19 countries in the South Pacific including Fiji.
PET has been operating in Fiji since 2006 and provides technology for electronic prepayment of telecommunication services, as well as for charges such as energy and water consumption, other government services and Internet access.
Fiji Live is reporting the chief executive officer of Almalgamated Telecom Holdings, Tomasi Vakatora, saying the investment has been finalised in Suva and is consistent with the company's strategy for growth and diversification in the local and regional markets.
In a statement, Mr Vakatora said Telecom Holding's primary interest is for PET to fully utilise its licence and expand its operations out of Fiji and into other neighbouring countries in the South Pacific region.