Fiji Airways acquired an additional 11.25 per cent of shares with value of $24.8 million in Richmond Pte Ltd that operates Sofitel Fiji Resort and Spa, increasing its total shareholding to 50 per cent.
This is stated in the company’s 2023 annual report that was tabled in Parliament on Friday.
The company said it received $18.7 million, an increase of $8.1 million compared with the previous year from its investments.
“This growth is driven by the strong business performance and the strategic importance of Richmond Pte Ltd, which operates the Sofitel Fiji Resort and Spa,” states the annual report.
Sofitel Fiji Beach Resort is part of the internationally renowned Sofitel brand.
“The resort ownership is held by Richmond Pte Ltd.
“In December 2023, Fiji Airways invested an additional $24.8m for 11.25 per cent shareholding in Richmond Pte Ltd from BSP Life (Fiji) Ltd to increase the shareholding to 50 per cent making it a joint venture with BSP Life.”
Fiji Airways states it has also entered into a joint-venture with BSP Life (Fiji) Ltd for the $230 million Vatu Talei – The Jewel resort development.
The dollar value of Fiji Airways contribution in this project isn’t stated in the annual report.
