Communications Fiji Limited, the parent company of Legend FM, FM96, Viti FM, Navtarang and Radio Sargam has today issued a statement advising potential and current shareholders of CFL who are not Fiji citizens and resident in the country six months in every year and / or shareholders in other media ventures that they need to consult their licensed investment broker before considering investment in the radio company's shares.

Following a review of the recently promulgated Media Industry Development Decree and extensive discussions with the South Pacific Stock Exchange, CFL Managing Director William Parkinson said the board has decided to issue this advice to the market.

Parkinson said the new decree will have a significant effect on the way in which the company shares are traded.

He said with that in mind, CFL has consulted with the South Pacific Stock Exchange and they have made a submission to the Attorney General seeking clarification and making certain suggestions on a number of key issues.

Parkinson said once the stock exchange receives this advice, CFL will be in a position to make a firm decision on the manner in which the company's shares are traded in the future.

He said the stock exchange is currently briefing all licensed brokers on possible restrictions so they are in a position to offer advice to investors.

CFL and Fiji Television Limited are the only two media outlets listed on the South Pacific Stock Exchange.      


Story by:  Vijay Narayan