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Molokai Ranch
may sell some
resources

The buyer, terms and
which assets are planned
for sale are not revealed

---

By Rick Daysog
and Russ Lynch
Star-Bulletin

The 53,000-acre Molokai Ranch said it may sell some of its assets to an undisclosed investor, eight months after the company's Singapore-based parent said it was looking to unload the local company or find a new development partner.

In a letter to the state Department of Labor & Industrial Relations yesterday, Molokai Ranch said a deal could be completed as early as Jan. 15.

The company did not reveal the name of the buyer, what assets it plans to sell or the terms of the deal, but did say that it expects no layoffs among its 171 employees -- 153 on Molokai and 18 on Oahu.

Molokai Ranch is owned by Brierley Investments Ltd., a former New Zealand firm that relocated to Singapore last year.

In an Oct. 30 briefing for shareholders in New Zealand, Greg Terry, Brierley's CEO, said negotiations were under way to sell the ranch-owned hotel, Molokai Ranch Lodge, and 6,000 acres of land.

Molokai Ranch officials declined to say whether that is still in the works.

James Mozley, Molokai Ranch's president and chief executive officer, and company attorney Scott Whiting referred calls to a company spokeswoman.

The spokeswoman said today she would have no comment on the brief formal notice to the state, required when a business that employs 50 or more people is about to undergo an ownership change.

Terry told the Star-Bulletin in March that the company was exploring several options for the locally based resort and ranching concern, including selling the company outright or bringing in a partner to complete resort development. Terry could not be reached for comment yesterday.

Terry's comments in March came as Brierley wrote down the value of its holdings in Molokai Ranch by more than $150 million from its former book value of $250 million. The previous valuation was based on what the property would be worth once its resort development plans were finished. Those plans, according to Terry, were years from completion.

Molokai Ranch has been proceeding with steady development on the island, under what originally was a $30 million plan. It still runs cattle on the ranch but has moved into ecotourism, developing camps, trails, the lodge and other tourist activities.

Molokai Ranch Lodge has 22 rooms in a two-story building that sits on eight acres at the entrance of Maunaloa town.

Brierley, which acquired 10 percent of Molokai Ranch Ltd.'s stock in 1986, has owned the company entirely since 1990. Brierley began shedding its U.S. investments last year, and since its move to Singapore it has been concentrating on investments in Asia.

Molokai Ranch Ltd. History: Founded in 1897 Owns: 53,000 acres of West Molokai Activities: Cattle ranching, three upscale tourist camps, homes and businesses in Maunaloa Town, trail rides Employees: 153 on Molokai, 18 on Oahu Owner: Brierley Investments Ltd., a Singapore-based global investment business with investments in airlines, hotels, manufacturing and other businesses. The company has $2.3 billion and has revenues of $629 million and a loss of $162 million in the year ended June 30, 2000.