PNG FINANCE COMPANY INVESTS IN FIJI TV

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PORT MORESBY, Papua New Guinea (PNG Post-Courier, Nov. 6) - Investment in a television company took an about turn after Fiji-based Channel 2 announced that it has a new investment partner from Papua New Guinea.

Wesram Finance Fiji, a subsidiary of Wesram Finance, a Port Moresby based soft loan finance company has taken up a stake in the television station.

Wesram chief executive Wesley Raminai yesterday refused to comment on his investment saying that he did not want to make a big issue out of it.

Channel 2 chief executive officer Mohammed Salamat Ali told Fijilive that Mr. Raminai who owns Wesram had diverse business expertise.

"Raminai’s additional media interests include the Sunday Chronicle newspaper in PNG and Sportscope, a monthly sporting magazine," Mr. Ali said.

Fijilive also reported that Raminai owns an electrical company in PNG.

Raminai’s investment in Channel 2 makes a turnaround as some media organizations in Papua New Guinea such as private broadcaster PNG FM and national television station EM TV are majority owned by Fijian investors Pacific Communications Limited and Fiji TV respectively.

Channel 2 announced last week that it had been issued a 12-year free-to-air television broadcast license by the interim Government of Fiji.

Company chairman Ken Stratton said they were pleased the interim Government had issued it a license as the company had waited seven years for it.

The Ministry of Information issued its operating and frequency licenses on October 29.

"Channel 2 is expected to launch its free-to-air channel in December and will be dependent on getting no signal interference and equipment being delivered in our time frame," he said.

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