Fiji Airways has acquired an additional 11.25 percent of shares valued at $24.8 million in Richmond Pte Ltd, which operates the Sofitel Fiji Resort and Spa, bringing its total shareholding to 50 percent. This information was disclosed in the company’s 2023 annual report presented in Parliament on Friday.
The report indicates that the company generated $18.7 million from its investments, marking an increase of $8.1 million compared to the previous year. The growth is attributed to strong business performance and the strategic role of Richmond Pte Ltd in operating the Sofitel Fiji Resort and Spa, a part of the globally recognized Sofitel brand.
Fiji Airways’ ownership stake in the resort is now expanded through its latest investment. In December 2023, the airline invested $24.8 million for the additional 11.25 percent in Richmond Pte Ltd from BSP Life (Fiji) Ltd, establishing a joint venture with BSP Life.
Additionally, Fiji Airways has entered a joint venture with BSP Life (Fiji) Ltd for the Vatu Talei – The Jewel resort development, which is projected to cost $230 million. The specific dollar amount of Fiji Airways’ contribution to this project was not disclosed in the annual report.