Fiji Television Limited has signed a Memorandum of Undertaking (“MOU”) with Telikom PNG (TPNG) with regard to the possible divestment of Media Niugini Ltd (MNL), the PNG subsidiary of FTV. The MOU was signed between both parties in Port Moresby, PNG a few days ago.
FTV has been in discussion with a range of potential buyers in PNG for the last 9 months. Under the MOU, Telikom PNG will have exclusive rights to carry out a comprehensive due diligence on MNL and make an assessment of value of the MNL. TPNG will make an offer to acquire MNL business, before 30th November 2014.
lowane Naiveli, Chairman of Media Niugini Ltd said “We have been exploring the PNG media market for expansion or divestment. Based on market conditions and including PNG media legal framework, 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.”
Michael Donnelly, Chief Executive Officer ofTelikom PNG added further “We are excited about this business opportunity and see positive synergies between both companies as we also own FMIOO broadcasting business. Now, with MNL acquisition, we will be able to extend our offering beyond voice and data services with content to PNG market. Telikom PNG also recently acquired Datec PNG which is the leader in lCT business”.
Fijian Holdings Ltd is the major shareholder of Fiji Television Ltd, a listed company in Fiji while Telikom PNG is a State owned entity in PNG.