Media Niugini Limited, a subsidiary of Fiji Television and Fijian Holdings Limited, may soon become an asset of state-owned agency, Telikom PNG.
Fijian Holdings Limited today announced the signing of a Memorandum of Undertaking (MOU) with Telikom PNG. This undertaking binds the two companies to continue discussions with regard to a total buyout by the government’s telecommunications arm. Fijian Holdings, in a statement today, said they had been in discussion with a range of potential buyers in PNG for the last 9 months. Under the MOU, Telikom will have exclusive rights to carry out a comprehensive due diligence check on Media Niugini Limited and make an assessment of value of the company. Iowane Naiveli, Chairman of Media Niugini Limited, said the company is in a healthy position and is ready to be given back to the people of PNG. “We have been exploring the PNG media market for expansion or divestment. Based on market conditions and both current and future PNG legal plans, we have agreed that the best decision would be to divest. “We have built this company up in the last eight years and we want to give it back to PNG,” he said. The announcement puts to rest a false speculation that MNL is to be sold to a mobile phone company. Telikom PNG, who recently acquired Datec PNG, is changing its work culture and ethic under Chief Executive Officer, Michael Donnelly. “We are excited about this business opportunity and see positive synergies between both companies, as we also own the FM100 broadcasting business. “Now with the MNL acquisition, we will be able to extend our offering beyond voice and data services, with content to the PNG market,” Mr Donnelly said. Telikom PNG also recently acquired Datec PNG, a leader in the ICT business. Fijian Holdings Group CEO, Nouzab Fareed, said Fijian Holdings had always intended to have their media broadcasting investment in PNG, back in PNG hands. “As of today, we have signed a Memorandum of Undertaking with Telikom PNG, a potential buyer of Media Niugini Limited. This MOU will lock the shareholder of MNL with Telikom PNG from now until November 30th when they will value the company, and a price will be agreed too. “Media Niugini Limited will become a 100 per cent company of Telikom PNG.” Telikom currently has as a subsidiary, FM100, operating as Kalang Advertising. Its recent buyout of Datec PNG has shown that it is serious in establishing itself in the voice, data, and content broadcasting business in the Pacific.
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