THE drop in share prices is not a true reflection of Fiji Television Ltd’s true performance, says director Nouzab Fareed.
Mr Fareed, who is the CEO of major shareholders Fijian Holdings Ltd, made the statement in response to questions on the drop in Fiji TV shares and its consequences.
According to the South Pacific Stock Exchange, Fiji TV now trades at $1 a share compared with $2.39 last month.
Mr Fareed said as a major shareholder of the company, they were confident it would do well in the future.
He said the past 12 months had been challenging for the company with the sale of its Papua New Guinea operations and SKY Pacific.
Mr Fareed said as a result of the sale, the company did not see much interest from buyers for its shares and that was why the share price did not move.
He said Fiji TV was going to relocate to Toorak and with this movement they planned to launch anew state-of-the-art studio which would attract more advertisers.
“You will see the improvement in the quality of programs and the quality of pictures. As such we see Fiji TV will become attractive for advertisers.”
Mr Fareed said they were also looking at launching few more programs.
He said the company would use the existing equipment and buy some new equipment.
The move to the new location and the state-of-the-art studio would create some new jobs in the information technology sector.
“We will reveal the total cost of this relocation at a later date.
“But again, historical performance is not a reflection of the future, what has happened in the past has gone.”
He said fall in share prices of a company had no impact on the day to day running of a business.
As far as lessons go, Mr Fareed said he wished the company had given more information out to the public on what its plans were for the future.