Business briefs

Advertiser Staff

CB Bancshares to rebuy stock

CB Bancshares, Inc., the parent of City Bank, said yesterday it will repurchase up to 5 percent, or 200,000 shares, of its outstanding stock over the next year to boost the value of the remaining shares.

Ronald K. Migita, president and CEO, said the company's shares are undervalued and the repurchase is a good investment of available capital.

CB Bancshares stock fell 36 cents yesterday to close at $36.81.

Outrigger lures condo visitors

Outrigger Hotels & Resorts said yesterday it has spent $12 million on renovations and upgrades over the past two years at its Hawai"i condominium resorts to appeal more to repeat visitors.

Outrigger says the market is growing for condominium resorts because of visitors wanting a room with a kitchen and amenities such as a washer and dryer.

IBEW workers OK Guam pact

Local 1260 of the International Brotherhood of Electrical Workers, based in Ho-nolulu, recently negotiated a contract for about 900 workers with Raytheon Technical Services on Guam.

Among its other benefits, the contract gives employees a wage increase of 9.5 percent over three years, plus bonuses, and improvements in vacation, sick and other leave, according to Brian Ahakuelo, the local's assistant business manager. The employees, who include electricians, plumbers, masons, laborers and those in several other positions, work for Raytheon at Naval Facilities Guam, Ahakuelo said.

Union members ratified the contract on Monday, Guam time, Ahakuelo said.