There was excitement in the air for the Board, management and staff of PNGFM Ltd this morning as they celebrated the official ground breaking ceremony for their new office building.
PNGFM Limited, owners of the Country’s leading Radio Stations Nau FM, Yumi FM and Legend FM today announced the commencement of construction of a new studio and office complex at Kunai St. Waigani in Port Moresby.
PNGFM Ltd General Manager Ms Rosemarie Botong said that they were excited that their new home is under construction adding that it will include studio facilities for all 3 stations plus office and workshop space for the team.
“We are currently finalizing the purchase of state of the art equipment that will dramatically improve our performance and prepare us for future growth,” Ms Botong said.
Board Chair of PNGFM Ltd, Mr Peter Aitsi stated that the investment is well timed as the country is poised to enter a period of economic growth, driven by recently announced LNG Gas and Mining projects.
The land for the office space that was purchased was K5 million and was acquired in 2021.
“We were very fortunate to be able to purchase the block at an excellent price in the midst of the Covid 19 Crisis,” said Mr Aitsi.
The China Railway Construction Group has been contracted to construct the building at the total cost of K9, 826, 869.00 and is expected to be completed by May next year (2024).
Funding of the construction is via a term loan provided by Westpac PNG Ltd supported by an equity contribution of K1.5 million from PNGFM Ltd.