Communications Fiji Limited, the parent company of FM96, LegendFM, VITIFM, Navtarang, Radio Sargam and fijivillage has announced the completion of a Sale and Purchase Agreement to acquire the remaining shareholding in 231 Waimanu Rd Limited, the holding company of CFL’s studio and office complex in Suva, from Hari Punja and Sons Limited and Carlisle Investments Limited.
Company Chairman William Parkinson says fully owning our home at 231 Waimanu Rd is a significant milestone for CFL.
He says not only is it a sound investment, but it also allows CFL to offer financiers strong ‘bricks and mortar’ security in both Fiji and Papua New Guinea.
Parkinson says this positions the company well to support future growth.
He explained that since the property's development in 1996, CFL has maintained a 50 percent ownership interest, in various forms, in 231 Waimanu Rd Limited alongside the two shareholders.
Upon completion of the transaction, CFL will increase its shareholding to 100 percent.
The $3.6 million investment will be financed through a combination of bank debt and a modest equity component.
The acquisition is expected to be largely self-funding through additional rental income and is therefore anticipated to have a limited impact on company profitability.
Under the terms of the agreement, the settlement is expected to occur on or before the 31st of next month.
