Fiji Airways has acquired an additional 11.25 percent stake in Richmond Pte Ltd, which operates the Sofitel Fiji Resort and Spa, for $24.8 million, raising its total ownership to 50 percent. This information was included in the company’s 2023 annual report, which was presented to Parliament on Friday.
The report highlighted that Fiji Airways generated $18.7 million from its investments, which is an increase of $8.1 million compared to the previous year. The growth is attributed to the strong business performance and strategic significance of Richmond Pte Ltd, which manages the Sofitel Fiji Resort and Spa, part of the internationally recognized Sofitel brand.
In December 2023, Fiji Airways made the additional investment to acquire the stake from BSP Life (Fiji) Ltd, establishing a joint venture with BSP Life. Furthermore, the airline announced a joint venture with BSP Life for the $230 million Vatu Talei – The Jewel resort development, although the specific dollar amount of Fiji Airways’ contribution to this project was not disclosed in the annual report.