Communications Fiji Limited, the parent company of Legend FM, FM96, Viti FM, Navtarang, Radio Sargam and fijivillage has announced the commencement of construction of a new studio and office complex in Port Moresby for PNGFM Ltd, the company’s Papua New Guinean subsidiary.
CFL Board Chair William Parkinson says this is an exciting and much awaited moment for the company.
Parkinson says it has been their goal for many years to build PNGFM’s own home in Papua New Guinea and finally the project has started.
Land for the project was purchased in 2021 for K5 million.
Parkinson says they are fortunate to be able to purchase the block at an excellent price in the midst of the COVID-19 crisis.
China Railway Construction Group has been contracted to construct the building at a cost of K9.826 million and it is expected to be completed by May 2024.
Funding of the project is via a term loan provided by Westpac PNG Ltd supported by an equity contribution of K1.5 million from PNGFM Ltd.
PNGFM Ltd Board Chair and CFL Director Peter Aitsi says the investment is well timed as Papua New Guinea is poised to enter a period of economic growth driven by recently announced LNG Gas and mining projects.
Aitsi says this is a big step forward for PNGFM and the team is very excited about the prospect of new studios and the growth and opportunities that will come with these facilities.
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