Communications Fiji Ltd (CFL) has announced the move of its wholly-owned subsidiary, PNG FM, to a new location in Port Moresby, Papua New Guinea. The construction of the new office complex began in May 2023, and CFL chairman William Parkinson expressed satisfaction that the project was completed on schedule and within budget.
“This has been a long-standing dream, and we are excited to open just in time for our 30th Anniversary in Papua New Guinea on November 14,” Parkinson stated in a filing with the South Pacific Stock Exchange (SPX). He emphasized the importance of timing in the PNG market, noting that they have capitalized on favorable market conditions.
The purchase of the land for the new complex cost CFL K5 million ($F2.93 million), while construction expenses amounted to K10 million ($F5.85 million). Parkinson remarked that the land was acquired during the Covid-19 pandemic, and the construction was completed amidst a slow market in PNG.
With the anticipated economic growth associated with the initiation of resource projects such as Papua LNG and the Wafi Gold Mine in 2025, CFL believes it is well-positioned for future success. The new studio complex incorporates state-of-the-art digital broadcasting technology, equipping PNG FM to leverage an interactive multimedia platform and enhance its media offerings both on air and online.
“Our team is very excited about the new opportunities that lie ahead,” said PNG FM general manager Rosemarie Botong, who looks forward to expanding their radio stations, Nau FM, YUMI FM, and Legend FM, as well as their news portal, PNG Haus Bung. The complex will be officially inaugurated on November 14 as part of PNG FM’s 30th birthday celebrations. Meanwhile, CFL is listed on the SPX, with shares trading at $6.58 at the time of this report.