SUNBIZ

CFL Subsidiary PNG FM LTD Sells Assets Of Paradise Cinemas Ltd

One of the South Pacific’s largest commercial broadcasting conglomerate Communications Fiji Ltd has announced that its subsidiary Papua New Guinea FM Limited has entered into an agreement to sell the
12 Jun 2018 10:00
CFL Subsidiary PNG FM LTD Sells Assets Of Paradise Cinemas Ltd

One of the South Pacific’s largest commercial broadcasting conglomerate Communications Fiji Ltd has announced that its subsidiary Papua New Guinea FM Limited has entered into an agreement to sell the assets of Paradise Cinemas Ltd.

PNG FM Ltd (PNG FM) currently owns 46.2 per cent of Paradise Cinemas Ltd (PCL) with fellow shareholders City Pharmacy Ltd and Damodar Films Ltd.

PNG FM wrote down the value of its shareholding in PCL to nil in the financial year ending December 31, 2016.

The agreement with Vision City Ltd totals K3.1 million (FJ$0.82m).

“The next step is to wind up PCL” said PNG FM executive director and CFL Chair William Parkinson.

“We are confident that we have sufficient funds to successfully complete this process.

“As we have already written down the investment and aren’t subject to any financial guarantees we don’t anticipate any further negative exposure”.

An update will be provided once the process is complete.

 



Five Square diwali dhamaka 2021


Get updates from the Fiji Sun, handpicked and delivered to your inbox.


By entering your email address you're giving us permission to send you news and offers. You can opt-out at any time.


Tower Insurance
FNPF
Covid 19 - SPC
Fiji Sun Instagram
Subscribe-to-Newspaper