Communications Fiji Limited, the parent company of Legend FM, FM96, Viti FM, Navtarang and Radio Sargam has announced that subsidiary PNG FM Limited has entered into an agreement to sell the assets of Paradise Cinemas Limited.
PNG FM Limited currently owns 46.2% of Paradise Cinemas with fellow shareholders City Pharmacy Ltd and Damodar Films Ltd.
PNG FM wrote down the value of its shareholding in Paradise Cinemas to nil in the financial year ending December 31st, 2016.
The agreement with Vision City Ltd totals 3.1 million Kina.
PNG FM Executive Director and CFL Chair William Parkinson says the next step is to wind up Paradise Cinemas Limited.
He says they are confident that they have sufficient funds to successfully complete this process.
Parkinson says they have already written down the investment and aren’t subject to any financial guarantees.
An update will be provided once the process is complete.
