Fiji Airways has acquired an additional 11.25 percent stake in Richmond Pte Ltd, which manages the Sofitel Fiji Resort and Spa, for $24.8 million. This acquisition raises Fiji Airways’ total ownership in Richmond Pte Ltd to 50 percent.
This information was presented in the company’s 2023 annual report, which was discussed in Parliament on Friday. The report indicated that Fiji Airways received $18.7 million from its investments, reflecting an increase of $8.1 million compared to the previous year.
The annual report attributed this growth to the robust performance of the business and the strategic significance of Richmond Pte Ltd, which operates the Sofitel Fiji Resort and Spa, a part of the globally recognized Sofitel brand.
Fiji Airways’ latest investment made in December 2023 involved purchasing the shares from BSP Life (Fiji) Ltd, thus forming a joint venture with BSP Life. Additionally, Fiji Airways has partnered with BSP Life (Fiji) Ltd for the development of the $230 million Vatu Talei – The Jewel resort project, although the specific financial commitment from Fiji Airways for this initiative is not detailed in the annual report.