An artist’s impression of the Cinema Multiplex to be built by RB Patel Group Limited at JetPoint in Martintar in Nadi. Photo: RB PATEL GROUP LIMITED
By RACHNA LAL
Work on RB Patel Group’s investment into the much-talked about cinema complex at JetPoint in Martintar, Nadi is expected to start soon.
The total cost of the completed cinema multiplex is estimated to be $6 million.
The group has already signed a contract with 4R Electrical and General Construction Limited for a Cinema Multiplex for construction contract amount of $4.5 million.
The Cinema Multiplex is the third of the five stages in the JetPoint Complex development plan.
RB Patel in a statement through the South Pacific Stock Exchange said the nature of the other developments is yet to be finalised.
Director Surendra Patel said: “This has taken some time to finalise but we are now happy to proceed with the construction phase of the Cinema Multiplex which will house four cinemas with a seating capacity of 670.”
“The multiplex is expected to take seven months to complete and will enhance the attractiveness of the JetPoint Complex and provide an increased flow of customers to the property and surrounding area.”
Importance and target
Fijian Holdings Limited Group chief executive, Nouzab Fareed, who is also a director of RB Patel Group, said the construction of the project is scheduled to start this month.
He highlighted the importance of this project given there is currently no cinema in Nadi, the closest being in Lautoka.
“We will be targeting both locals and tourists with this cinema,” he said.
The company is in advanced stage of negotiations with parties for the management of the cinema.
Mr Fareed said: “RB Patel Group will be the landlord and construct the cinema but the operation has to be done by somebody else.”
Financial performance
Meanwhile, RB Patel Group posted a net profit of $5.33 million for the financial year ended June 30, 2013 compared to $5.1 million for the previous corresponding year.
These financial results have been released by the South Pacific Stock Exchange recently.
Mr Fareed attributed the increase mainly to the increase in disposable income of consumers.
“I think the buying by people has increased generally,” he said.
The company in the report released indicated its profitability can be impacted by regulatory agencies established which govern the business sector in Fiji.
“Specifically retail and wholesale prices of various products are regulated by the Fiji Commerce Commission,” it said.
Fijian Holdings’ interest
Fijian Holdings Limited owns majority shares in the RB Patel Group.
It completed the partial takeover of RB Patel Group Limited by its wholly-owned subsidiary FHL Retailing Limited in April 2008.
RB Patel company operates supermarket stores in Suva, Nausori, Nakasi, Nasinu, Sigatoka, Nadi, Lautoka, Labasa and Lami.
The principal activities of the company include retailing and wholesaling of merchandise, owners and administrators of properties and equity investments.