Posted at 12:40 p.m., Monday, May 21, 2001

Moloka'i Ranch sells stake in Australian firm

Advertiser Staff

Brierley Investments Ltd., a Singapore-based investment company and owner of Moloka'i Ranch, sold its 28.7 percent stake in Australia's second-largest building materials maker, James Hardie Industries Ltd., for $299.4 million.

Brierley, which is in negotiations to sell the Moloka'i Ranch Lodge and 6,000 acres to an undisclosed outside investor, has divested assets worth more than $860 million over the last two years to focus on those with higher dividends.

Brierley's shares, which have fallen 2.2 percent for the year, last traded up 2.3 percent at 44 Singapore cents.