Interchange

PM Chairs ICL AGM, Government Increases Shareholding

PM Chairs ICL AGM, Government Increases Shareholding

Subsea cable owner Interchange Limited (ICL) had its annual general meeting (AGM) on Thursday at Warwick Le Lagon and presented the 23/24 financials and business plan 2026 to its shareholders, including the Vanuatu Government, Vanuatu Post Ltd, Fidelity Pacific and the Vanuatu National Provident Fund (VNPF). This was the first company meeting since the recent increase in the Government’s share of the company to 37.5 per cent, bringing the total public shareholding to over 70 per cent. The meeting was chaired by the honourable Prime Minister Jotham Napat.“We are pleased with Interchange’s performance as they continue to provide nation- building technology, infrastructure and improved connectivity for the population, and generate returns for its shareholders,” said the Hon. Jotham Napat. “Technology and ICT infrastructure are vital to our society and economic development – underpinning education, healthcare, financial services and tourism – which is why the Government continues to invest in this sector.”

ICN1 was recently upgraded to increase their capacity by 1000 per cent, utilising SMAT3 technology, a state-of-the-art innovation developed by French company Alcatel Submarine Networks (ASN) and deployed for the first time in the world in Vanuatu.

“We are encouraged by the Government’s confidence in Interchange as we pursue a solid business roadmap over the coming years,” said Interchange General Manager Niall Downey. “With the capacity upgrade of ICN1 through the submarine line terminal equipment project that was only completed in August, Interchange have improved the technology to keep up with global trends, therefore ensuring that ICL can meet Vanuatu’s growing demand for bandwidth now and into the future.”