CPB to buy back 3.4% of shares

CPB Inc., parent company of Central Pacific Bank, said yesterday it will repurchase 3.4 percent, or 270,000 shares, of its outstanding stock to increase the value of its remaining shares.

Clint Arnoldus, president and CEO, said, "The recent price decline of our common stock is not consistent with our financial performance or condition."

Outrigger to run Australia resort

Outrigger Hotels and Resorts said yesterday it has contracted to manage its ninth resort in Australia, taking the lodging company one step closer toward its goal of managing 20 properties in Australia and nearby South Pacific destinations by 2005.

The $9.1 million Outrigger Heritage at Port Douglas, north of Queensland, is scheduled to open Sept. 16.