Fiji Airways has purchased an additional 11.25 percent stake in Richmond Pte Ltd, which operates the Sofitel Fiji Resort and Spa, for $24.8 million. This acquisition raises the airline’s total ownership in the company to 50 percent.
This information was disclosed in the company’s 2023 annual report, which was presented in Parliament on Friday. According to the report, Fiji Airways reported $18.7 million in returns from its investments, an increase of $8.1 million compared to the previous year.
The annual report attributes this growth to the strong performance of the business and the strategic significance of Richmond Pte Ltd, which is responsible for operating the Sofitel Fiji Resort and Spa, a part of the well-known Sofitel brand.
In December 2023, Fiji Airways made the investment to increase its stake in Richmond Pte Ltd from BSP Life (Fiji) Ltd, officially making it a joint venture with BSP Life.
Additionally, Fiji Airways has entered into another joint venture with BSP Life (Fiji) Ltd for the development of the $230 million Vatu Talei – The Jewel resort. The annual report does not specify the financial contribution of Fiji Airways to this particular project.