- Sports News : Fiji and Samoa join World Rugby Council meeting in Dublin [23/05/2019 - United Kingdom]
- Sports News : Athletics PNG names Samoa Pacific Games Squad [23/05/2019 - Papua New Guinea]
- News : U.S assures FSM, Marshall Islands and Palau it will defend them against outside threats [23/05/2019 - United States]
- News : Work on Niue’s new parliament stalled over land lease issues and court injunction by Opposition MP [23/05/2019 - Niue]
- News : Fiji and EU committed to strengthening relations [23/05/2019 - Fiji]
- Business News : Tourism on the rise in Papua New Guinea [23/05/2019 - Papua New Guinea]
- News : President says Marshall Islands facing pressure from China [23/05/2019 - Marshall Islands]
- News : Cook Islands and New Zealand to hold 7th Joint Ministerial Forum in Aitutaki [23/05/2019 - Cook Islands]
- Sports News : PNG to support Solomon Islands bid for 2023 Pacific Games [22/05/2019 - Papua New Guinea]
- Sports News : Fiji's World Cup preparations dealt a blow as coach cut from staff [22/05/2019 - Fiji]
- Sports News : Development of women in rugby is the single greatest opportunity for our sport to grow in the next decade' [22/05/2019 - Fiji]
- News : Trump meets Pacific islands leaders to boost U.S ties [22/05/2019 - United States]
- Sponsored : Oceania National Olympic Committees (ONOC)
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 (PCL).
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.
SOURCE: FIJI SUN/PACNEWS
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media