Fiji Airways has acquired an additional 11.25 percent stake, valued at $24.8 million, in Richmond Pte Ltd, which manages the Sofitel Fiji Resort and Spa. This move has raised its total ownership in the company to 50 percent. This information was included in the company’s 2023 annual report, which was presented in Parliament on Friday.
The report highlighted that Fiji Airways generated $18.7 million from its investments, reflecting an increase of $8.1 million compared to the previous year. The growth is attributed to the strong performance of the business and the strategic significance of Richmond Pte Ltd.
The Sofitel Fiji Beach Resort is part of the globally recognized Sofitel brand, and ownership of the resort lies with Richmond Pte Ltd. In December 2023, Fiji Airways invested an additional $24.8 million to increase its shareholding to 50 percent, forming a joint venture with BSP Life (Fiji) Ltd.
Additionally, Fiji Airways has entered into a joint venture with BSP Life (Fiji) Ltd for the development of the $230 million Vatu Talei – The Jewel resort. However, the annual report does not disclose the dollar value of Fiji Airways’ contribution to this project.