Three months after the Fijian regime issued a decree ordering media outlets to be 90 percent owned by local citizens, News Limited agreed on Tuesday to sell The Fiji Times to Motibhai & Co, The Wall Street Journal reported.

"We are reluctant sellers of the Fiji Times, but I am delighted that we have been able to find a buyer who will take over the business as a going concern," News Ltd. Chairman John Hartigan said, Agence France-Presse quoted.

Motibhai & Co's Chairman and Chief Executive Officer Mahendra Motibhai Patel, a Fijian businessman who had previously served in the newspaper board, said in statement published in the Fiji Times that the company was committed to "respect and enhanced" the legacy of the oldest daily in the country.

Although the terms of the sale were not made public, Patel said the name of the paper's publisher would be revealed in a week, Radio Australia reported. "We can't announce his name yet because we are going through the formalities. He is a very innovative person. He's well versed in journalism," he said.

The sale has still to be reviewed by the government. Nonetheless, Sharon Smith-John, a spokeswoman for Fijian regime, said to Fiji Broadcasting Corporation that the sale was a sign of investor confidence in the country. "It's a win, win situation for everybody and I think one that augurs well with everybody and I wish them all the best."