Fiji Airways has increased its ownership stake in Richmond Pte Ltd, which manages the Sofitel Fiji Resort and Spa, by acquiring an additional 11.25 percent of shares valued at $24.8 million. This move elevates Fiji Airways’ total shareholding in the company to 50 percent.
This information was detailed in the company’s 2023 annual report, which was presented in Parliament on Friday. The report revealed that Fiji Airways generated $18.7 million from its investments, marking an increase of $8.1 million compared to the previous year. The company’s growth is attributed to strong operational performance and the strategic significance of Richmond Pte Ltd.
Richmond Pte Ltd, which holds ownership of the Sofitel Fiji Beach Resort, operates under the globally recognized Sofitel brand. In December 2023, Fiji Airways made the investment in Richmond Pte Ltd by acquiring shares from BSP Life (Fiji) Ltd, effectively forming a joint venture with BSP Life.
Additionally, Fiji Airways has partnered with BSP Life (Fiji) Ltd to develop the Vatu Talei – The Jewel resort, which has a projected cost of $230 million. However, the annual report does not specify the financial contribution of Fiji Airways to this project.