The company, which doesn't have a name yet, will be headed by Duane Kurisu, a principal in the real estate investment firm Kurisu & Fergus and perhaps best known as the owner of the Hawaii Winter Baseball League.

The new company will manage the monthly Hawaii Business magazine and its sister publications, Discover Hawaii Sales Planner and Discover Hawaii Meeting Planner. Other principals of the company are Kim Jacobsen, George Engebretson and Michael Schmicker.

The magazine is being sold by Hawaii Business Publishing Corp., at 825 Keeaumoku St., headed by Ethel Murphy. A sale price was not disclosed.

Murphy and her daughter, Gina Murphy, will retain Hawaii Buyer's Guide, an annual directory for local purchasing agents. Ethel Murphy and with her late husband Joseph founded Hawaii Business in 1955.

Schmicker, a former editor of Hawaii Business, created the magazine's annual ranking of the Top 250 companies in Hawaii. Engebretson is a former editor of travel publication Discover Hawaii.

Kurisu will be chairman and Jacobsen, who was vice president of Hawaii Business Publishing Corp., will be president and publisher of the new company. Engebretson, owner of Watermark Publishing, and Schmicker, vice president of business development for Pacific Marine Supply Co., will be directors.

"People seem to be excited about (the sale)," said Maria Torres-Kitamura, associate editor of Hawaii Business. "We're looking forward to some new developments. We don't have a lot of details about what those are yet."

Mary Winpenny, publisher of Island Business, chief rival of Hawaii Business, said, "I wish them the best of luck; I truly do. I've worked with Ethel (Murphy) and she's one of the finest ladies I've ever dealt with."