Communications Fiji Ltd (CFL) has announced that its fully-owned subsidiary, PNG FM, has relocated to a new office in Port Moresby, Papua New Guinea. CFL chairman William Parkinson stated that construction of the new office complex began in May 2023 and was successfully completed on schedule and within budget.
Parkinson expressed excitement about opening the new office just in time to celebrate PNG FM’s 30th Anniversary on November 14. He emphasized the importance of timing in the PNG market, noting that the company has strategically positioned itself to capitalize on current market conditions.
The land for the new facility was acquired at a cost of K5 million ($F2.93 million), and the total construction expenses amounted to K10 million ($F5.85 million). Parkinson revealed that the land purchase occurred amid the Covid-19 pandemic and that construction proceeded during a period of relative market slowdown in PNG. He highlighted that CFL is now well-positioned for anticipated economic growth linked to resource projects like Papua LNG and the Wafi Gold Mine, which are expected to begin in 2025.
The new studio complex is equipped with state-of-the-art digital broadcast technology, allowing PNG FM to effectively utilize an interactive multimedia platform to enhance its products both on air and online. PNG FM general manager Rosemarie Botong shared her enthusiasm for the new opportunities, expressing eagerness to expand their radio stations, including Nau FM, YUMI FM, and Legend FM, along with their news portal, PNG Haus Bung.
The official opening of the complex is scheduled for November 14 as part of PNG FM’s 30th anniversary celebrations. CFL is publicly traded on the South Pacific Stock Exchange, where shares were priced at $6.58 each at the time of this report.