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The Honolulu Advertiser
Posted on: Saturday, May 25, 2002

Investor interested in Molokai Ranch

Advertiser Staff and News Services

BIL International Ltd., a Singapore-based investment company that owns Molokai Ranch, said it has been approached by a potential buyer who wants to invest in some of its assets and take a stake in the company.

"An investor has approached BIL and expressed an interest in making an investment in certain BIL assets," the company said in a statement to the Singapore Exchange. "BIL understands the same investor has also approached a substantial shareholder to buy a block of BIL shares."

The company said discussions with the investor are preliminary and it has not entered into any agreements. It did not name the investor or the assets the potential buyer is interested in.

Representatives in Hawai'i for BIL said they had no information about the announcement and that corporate offices in Singapore were closed for the weekend.

In April 2001, the company, formerly known as Brierley Investments Ltd., announced an agreement to buy the Maunaloa resort from Kukui (Molokai) Inc., a subsidiary of Tokyo Kosan Ltd., for an undisclosed price.

Officials with Molokai Ranch, which owns 53,000 acres on the island, said at the time that they planned to seek investors to help revitalize Kaluako'i or possibly buy parts or all of the resort.

Late last year, Molokai Ranch Ltd. and Starwood Hotels & Resorts, which owns the Sheraton brand, agreed to a management and marketing deal for the ranch's 22-unit lodge and 40-unit Kaupoa Beach Village canvas bungalow camp.

BIL's announcement yesterday came in response to a query by the Singapore Exchange on reasons behind the biggest surge in its shares for three months.

The company said it was not aware of any information that could have contributed to the price and volume increase.

BIL shares, which are also traded in Australia and New Zealand, rose as much as 18 percent in Singapore trading. The shares closed up 16 percent at a 15-month high of 53.5 Singapore cents, the biggest gain since February.

Bloomberg News Service contributed to this report.