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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
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