Business briefs

Advertiser Staff

K1 Ventures reorganizes firm

A Singapore investment firm, K1 Ventures Ltd., said yesterday that it has completed its previously announced $115 million purchase of The Gas Co. of Hawai'i from Citizens Communications Co.

K1 Ventures has set up a new company, The Gas Company, LLC, to operate the business. The new company will retain all 300 employees and the same management team.

Stamford, Conn.-based Citizens, which bought the Gas Co. in 1997, had been trying to sell it for three years. Jim Yates, president of The Gas Co., said K1 Ventures' investment is a vote of confidence in the employees and the state.

Foreclosure threat thwarted

The owners of Manoa Marketplace said they have cleared up their loans and are no longer threatened with foreclosure. M/V Investments, which includes Honolulu-based general partners Cherrywood-Manoa LLC and Manoa SC LLC, said yesterday it has paid in full all its loans to GE Capital Hawaii Inc., and the foreclosure action has been dismissed.