Business

Fiji TV divests PNG operations for $14.2m

Fiji Television Limited (FijiTV) has divested all shares in Papua New Guinea based Media Niugini Ltd (MNL) to Telikom PNG, after signing off the sale agreement this morning. At a press conference a short while ago, Fiji TV Director Mr. Nouzab Fareed said the final sale price was PGK 20m (FJD$14.2million).  The sale price was […]

Peni Shute

January 29, 2016 4:49 pm

Fiji Television Limited (FijiTV) has divested all shares in Papua New Guinea based Media Niugini Ltd (MNL) to Telikom PNG, after signing off the sale agreement this morning.

Fiji TV Director Nouzab Fareed and Telikom PNG CEO Michael Donolly at a press conference in Suva. Photo: Lice Rova/Newswire.
Fiji TV Director Nouzab Fareed and Telikom PNG CEO Michael Donnelly at a press conference in Suva. Photo: Lice Rova/Newswire.

At a press conference a short while ago, Fiji TV Director Mr. Nouzab Fareed said the final sale price was PGK 20m (FJD$14.2million).  The sale price was reduced from an earlier agreed PGK 27m due to the loss of NRL broadcasting rights.  A deposit of PGK 2m was received last month.

The FijiTV board would make a decision on how to utilize the funds once it is received.

This is a developing storyline, and will be updated as more information comes to hand.

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