Communications Fiji Limited, the parent company of Legend FM, FM96, Viti FM, Navtarang and Radio Sargam has today announced that Paradise Cinemas Limited will shortly start construction of the second cinema multiplex in Port Moresby.
The three cinema multiplex which is expected to start in mid 2014 will open up new markets by providing more affordable access to the movies for the people in Papua New Guinea.
CFL Managing Director, William Parkinson said the multiplex in the new Waigani Shopping complex is expected to cost 7 million kina and will be funded via 3 million kina in additional shareholder equity with the balance being raised in debt.
CFL's subsidiary, PNG FM Limited will along with the PNG based partner, the City Pharmacy Group invest 1.5 million kina each, increasing their respective shareholdings in Paradise Cinemas to 41.6%.
Foundation investors, Damodar Brothers Limited's shareholding will go down from 33% to 16.8%.
Parkinson said Damodar Brothers remain committed in the venture but feel the PNG based partners should drive further expansion of Paradise Cinemas.
Story by: Vijay Narayan
