Alexander & Baldwin Inc. said it has sold its remaining 40 percent stake in sugar refiner C&H Sugar Co. to American Sugar Refining Inc. for an undisclosed amount.

Maui-based Hawaiian Commercial & Sugar Co., an A&B division, sells most of its raw sugar to C&H, which refines the sugar in Crockett, Calif. The sale does not affect any operational agreements and isn't expected to have an impact on HC&S, said Steve Holaday, plant manager for HC&S in Pu'unene, Maui.

Under terms of the sale, most proceeds went to repay C&H debt, with a minimal amount going to A&B and other C&H sellers.

C&H has no employees in Hawai'i.

American Sugar Refining is primarily owned by Florida sugar growers.

Shares of Honolulu-based A&B rose 25 cents to close at $51.86 yesterday on the Nasdaq market.

PROFITS UP 35.4% AT CYANOTECH

Cyanotech Corp.'s net income for its fiscal first-quarter 2005 rose 35.4 percent to $153,000 from $113,000 a year earlier.

The Big Island company, which produces high-end nutritional products from microalgae, said its per-share income for the second quarter was flat at 1 cent.

The results came on sales of about $3 million, up 12 percent from the year-earlier quarter's $2.7 million.

Shares of Cyanotech were unchanged yesterday at $1.02 on the Nasdaq market.

HAWAIIAN AIR FILLS MORE SEATS

Hawaiian Airlines filled 89.8 percent of its seats in July, up from a year earlier when the airline filled 88.3 percent.

The airline flew 547,316 passengers in July, up from 533,961 a year earlier. Revenue passenger miles rose to 627 million from 583 million the previous year.

Hawaiian Airlines shares fell 18 cents to close at $4.07 yesterday on the American Stock Exchange.

CHAMBER SETS ANNUAL ART SHOW

The Honolulu Japanese Chamber of Commerce will hold its annual "Commitment to Excellence" art exhibition and sale Tuesday through Aug. 26 at the Academy Art Center at Linekona School.

The gallery hours for the public are from 10:30 a.m. to 4:30 p.m. Tuesday through Saturday, and 1 to 5 p.m. Sunday.

The exhibition will feature 125 pieces of art selected from more than 600 entries.

CORAL WIRELESS RAISES $820,000

Local startup telephone company Coral Wireless received $820,000 in venture capital investments from Boston-based M/C Venture Partners during the second quarter, bringing total disclosed investments in the company to about $9 million.

Bill Jarvis, president and chief executive of Coral, said the wireless phone company also has secured a $16 million loan and still plans to begin serving Honolulu customers early next year.

Coral plans to offer flat-rate, unlimited local and long-distance wireless calling.