Fiji Airways has increased its stake in Richmond Pte Ltd, which operates the Sofitel Fiji Resort and Spa, by acquiring an additional 11.25 percent of shares valued at $24.8 million. This move brings the airline’s total shareholding in the company to 50 percent.
The information was outlined in the company’s 2023 annual report presented in Parliament on Friday. The report highlighted that Fiji Airways received $18.7 million from its investments this year, reflecting an increase of $8.1 million compared to the previous year.
The annual report noted that this growth results from the solid performance of the business and the strategic importance of Richmond Pte Ltd. Sofitel Fiji Beach Resort is part of the globally recognized Sofitel brand, and its ownership lies with Richmond Pte Ltd.
In December 2023, Fiji Airways made the investment to acquire the additional shares from BSP Life (Fiji) Ltd, establishing a joint venture with them. Furthermore, Fiji Airways announced a collaboration with BSP Life for the development of the $230 million Vatu Talei – The Jewel resort project, although the report did not specify the dollar amount contributed by Fiji Airways for this endeavor.