20 Jan 2005

Fiji government to sell stake in Daily Post newspaper

11:14 am on 20 January 2005

The Fiji government is preparing to sell its 46 per cent stake in the Daily Post newspaper to an Australian company.

The Belmont Trading Company has already bought 49.5 per cent of shares in the Daily Post which were previously owned by the Colonial National Bank and the Unit Trust of Fiji.

The government held a meeting with other minority shareholders last night prior to the sale of its shares.

The publisher of the Fiji Sun newspaper, Michael Richards, says their offer to buy the government's shares in December last year was rejected.

The Rabuka government bought its shareholding in the Post in the late 1990s on the recommendation of the then finance minister, Jim Ah Koy.