Business briefs

Advertiser Staff and News Services

Kaua'i building sold to investors

Honolulu-based Black Development Corp., headed by local real estate investors Michael Fergus and Duane Kurisu, has sold the East Kauai Professional Building for $1.8 million to South Carolina investor Richard Weiser.

Weiser, whose East Kauai Properties LLC owns several commercial properties in Honolulu, is considering adding a third floor to the fee-simple Kaua'i building, according to sale broker CB Richard Ellis Hawai'i Inc.

CPB announces split in stock

The directors of CPB Inc., parent of Central Pacific Bank, have declared a 2-for-1 split of its common stock, payable Nov. 8 to shareholders of record as of Oct. 15.

The company also declared a third-quarter cash dividend of 20 cents a share payable Oct. 25 to shareholders of record as of Sept. 30. Dividends of 58 cents a share for the first three quarters of the year represent an 18.4 percent increase over the 49 cents a share during the same period last year.

CPB last declared a 2-for-1 stock split in 1997, when its share price reached $42. In the past five years, the company's share price has more than doubled, leading to this 2-for-1 stock split.