TVNZ sells shares in Fiji TV

Television New Zealand (TVNZ) has sold its five per cent state of its stake in Fiji Television Limited - the sole commercial television company in the country. TVNZ’s general manager of distribution and Fiji Television board member, Geoff Lawson, said TVNZ decided that once Fiji Television became financially viable and well established in the Fiji economy it would sell its shares.

The television company posted a modest profit in the last financial year.

“A suitable offer of FJ$l.lO share for TVNZ’s five per cent stake (515,000 shares) has now been accepted,” a statement from TVNZ said.

“TVNZ was instrumental in the establishment of Fiji Television through the sale of equipment for setting up the Suva based Fiji One Television Station and the subsequent development of the nation-wide transmission system.

It received its five per cent shareholding as part consideration for those services.”

Lawson said TVNZ and Fiji Television also have commercial arrangements for the supply of programming and satellite delivery and TVNZ is keen to continue those commercial arrangements for the benefit of both companies. He said Fiji Television has developed into a profitable and well performing television company with a great future.

Fifty-nine per cent of Fiji Television shares are owned by the Fiji Development Bank on behalf of Yasana Holdings Limited - the company established by the 14 Fijian provinces in the country to look after its business interests.

Telecom Fiji has 14 per cent shareholding while another 22 per cent is owned by 652 minority shareholders.

Fiji Television has been embroiled in a long court battle with the Fiji government over the company’s exclusive commercial television licence.

The Government wants to allow other television operators into the country but has been stopped by Fiji Television because of its 12-year exclusive licence. PNS ■