South Pacific’s largest radio broadcaster and parent company of Legend FM, FM96, Viti FM, Navtarang and Radio Sargam, Communications Fiji Limited has announced that has reached agreement on the sale of its minority shareholding of 12.5% in Unwired Fiji, with Digicel Fiji Limited.
CFL will receive $1.25 million for its 12.5% shareholding.
This represents a gain of $658,116 on the value of the shareholding as shown in the CFL accounts.
It will have a direct impact on CFL’s 2017 results.
Settlement will take place on or before July 7th 2017.
Digicel Fiji Limited purchased a majority stake in Unwired Fiji in 2011.
Under the terms of the purchase, shareholders at the time were required to retain their minority shareholding for a period of five years.
The purchase agreement included a mandatory buyout option which the minority shareholders have chosen to exercise.
