Communications Fiji Ltd (CFL), a prominent radio conglomerate, has announced the relocation of its subsidiary PNG FM to a new office in Port Moresby, Papua New Guinea. CFL chairman William Parkinson stated that the construction of the new office complex began in May 2023 and was completed on schedule and within budget. This opening coincides with the company’s 30th anniversary in Papua New Guinea, which will be celebrated on November 14.
Parkinson noted that acquiring the land for K5 million (approximately $F2.93 million) and the total construction costs amounting to K10 million (about $F5.85 million) were achieved during the challenging Covid-19 period. He emphasized that the timing of this development is crucial, considering the current slow market conditions in Papua New Guinea. He expressed optimism about the future, especially with anticipated economic growth linked to upcoming resource projects like the Papua LNG and Wafi Gold Mine, expected to commence in 2025.
The new studio complex is equipped with the latest digital broadcast technology, enabling PNG FM to leverage an interactive multimedia platform to enhance its media offerings both on air and online. PNG FM general manager Rosemarie Botong expressed excitement about the possibilities ahead, mentioning plans to expand their radio stations, including Nau FM, YUMI FM, and Legend FM, alongside the news portal PNG Haus Bung.
The formal inauguration of the complex will take place on November 14 as part of PNG FM’s 30th birthday celebrations. CFL is listed on the South Pacific Stock Exchange, with shares trading at $6.58 each at the time of the announcement.