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Extraordinary General Meeting Next Month For Fiji Television

Fiji Television Limited will hold an Extraordinary General Meeting of Fiji TV shareholders on March 10. One of the objectives of the meeting is to pass an extraordinary resolution on
10 Feb 2015 09:26
Extraordinary General Meeting Next Month For Fiji Television

Fiji Television Limited will hold an Extraordinary General Meeting of Fiji TV shareholders on March 10.

One of the objectives of the meeting is to pass an extraordinary resolution on the proposed selling of Media Niugini Limited for PNG Kina 27 million (FJ$20.7 million).

The agenda for the meeting is expected to be mailed to all shareholders within next few days.

Fiji TV confirmed the rationale for selling Media Niugini was aggressive competition, proposed change in Legislation and investment for digitalisation. Media Niugini contributed more than 50 per cent of consolidated revenue of Fiji TV in 2013 and the same declined to 47 per cent in 2014.

First half of the current financial year reflects a huge challenge in sustaining historical growth in net earnings.

Fiji TV has received financial and tax advice from four independent accounting firms in Fiji as well as another two overseas firms.

Fiji TV chairman, Iowane Naiveli, said: “We will be providing comprehensive information of the divestment including reasons, process, independent valuations and the rationale for distribution of proceeds.

“We are certain these measures would ensure transparency and credibility for the transaction.

“We will also be sharing the financial impact on Fiji TV and the way forward.”

Mr Naiveli said SKY Pacific, the pay TV division, will continue to operate in the Pacific including PNG.

“The same would be incorporated as a wholly-owned subsidiary from July 2015 subject to EGM resolution,” he said.

 

 




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