BUSINESS BRIEFS
Hoku Scientific stock price up
Advertiser Staff and News Services
Shares of Kapolei-based Hoku Scientific Inc. closed at a 52-week high of $12.08 yesterday on the Nasdaq Stock Market. That's up $1.34, or 12.5 percent, a share.
The company's stock has been rising since the announcement last week of a definitive agreement with a division of Solar-Fabrik AG for the sale and delivery of polysilicon, a material used in computer chips and solar panels. The contract was announced last year and has been expanded and now calls for up to $185 million over seven years.
$575M HOTEL DEAL CLOSES ON MAUI
Maui developer Everett Dowling and Morgan Stanley Real Estate have closed on their deal to buy the Makena Resort on Maui and the upscale Maui Prince Hotel.
The group paid Japan-based Seibu Group $575 million for the 1,800-acre property, which includes the 310-room Maui Prince, two 18-hole Robert Trent Jones Jr. golf courses, and 1,300 acres of undeveloped land. As part of the agreement, Prince Resorts Hawaii will continue to operate the resort until a new management company is appointed.
TIREMAKER DENIES CHARGES
BEIJING — The Chinese maker of tires at the center of a U.S. recall controversy denied today that it supplied faulty products and accused its American distributor of making the claim to gain an advantage in a dispute.
U.S. regulators have ordered Foreign Tire Sales Inc., of Union, N.J., to recall as many as 450,000 tires after the company said an unknown number of light truck radials imported from Hangzhou Zhongce Rubber Co., of Hangzhou, China, could suffer tread separation.
"We have not found the faults cited by FTS," Hangzhou Zhongce said.
Correction: Trinity Investments was not part of the group that purchased the Makena Resort and Maui Prince Hotel.
