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Friday, March 10, 2000

Molokai Ranch
may be placed
on selling block

By Russ Lynch
Star-Bulletin staff


Molokai Ranch The owners of Molokai Ranch say they may put the 56,000-acre property and its resort and ranching businesses up for sale, although they are looking at other options as well, such as bringing in a partner to finish the resort development work the company started.

Brierley Investments Ltd., founded in New Zealand but headquartered in Singapore since Dec. 1, said it is reevaluating all its assets and has written down the value of some, including cutting Molokai Ranch's worth to $150 million from its former book value of more than $250 million.

The $150 million refers to the value of the property once the company's development plans for tourism businesses is complete, something that is years away, said Greg Terry, a former international banker who became Brierley's chief executive late last year.

"Now we have to reevaluate our strategy and decide if we are the people who take it through to full development," or take on a partner to do that, or perhaps put it up for sale, Terry said in a telephone interview from Singapore.

Brierley, which bought 10 percent of Molokai Ranch Ltd.'s stock in 1986 through a Hong Kong subsidiary, made offers for more and owned the company entirely by 1990.

Born in Australia, Terry was Pacific regional vice chairman of Credit Suisse First Boston before he joined Brierley.

Earlier, he gained some familiarity with Hawaii as an executive of Hong Kong-based Jardine Matheson Ltd., owner of Hawaii's Theo. H. Davies & Co.

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