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Kahua Ranch buys Kahuku Ranch's cattle

The Big Island's Kahua Ranch Ltd. has purchased most of the Kahuku Ranch's nearly 2,000 cattle and agreed to take over its cattle operations.

Most of the Kahuku Ranch's 116,000 acres on Mauna Loa's eastern slopes were sold by the Estate of Samuel Mills Damon to the National Park Service last summer. The estate had been looking for a buyer for the cattle operations.

Herbert Richards III, president and general manager of the Kahua Ranch, said the company will take over cattle operations on a 1,595-acre tract of land makai of the Mamalahoa Highway that is still owned by the Damon Estate. The land will be leased to Kahua Ranch.

Richards said Kahua Ranch also will assume control of cattle operations on a roughly 14,000-acre grazing area mauka of the highway on the lands now owned by the park service.

"The whole intent is to work with the park service over time on reforesting those lands," Richards said.

Kahua Ranch is an 8,500-acre private ranch in Kohala near the Big Island's northern tip.

The park service bought most of the Kahuku Ranch lands for $22 million in the largest conservation land transaction in Hawaii's history.

Meeting to have $5.7M impact

The Controlled Release Society's 31st annual meeting and exposition is expected to generate $5.7 million in visitor spending for Hawaii and $472,000 in projected tax revenues.

The annual meeting, which starts tomorrow and runs through Thursday, is expected to bring 2,500 attendees to the Hawaii Convention Center.

Controlled release refers to the science of products that release their agents over time, such as agricultural fertilizers and drugs for humans. The society's members represent academic, government and industry disciplines in more than 50 countries.

Bank of Hawaii teams with Bidwell

Bank of Hawaii has entered into an alliance with Nuuanu-based C.M. Bidwell & Associates Ltd. to launch a new investment product that will focus on high-quality, large-cap stocks within the Standard & Poor's 500 index.

Bidwell, which has about $140 million under management, uses a quantitative behavioral-model research to make stock selections. The method attempts to predict when analysts are going to raise earnings estimates and/or recommend stocks for purchase.

The new product will be called "Focused Equity" and will incorporate the bank's resources, databases and risk management expertise.

Bidwell & Associates, founded 25 years ago by Clint Bidwell, also manages about $46 million in a large-cap portfolio for the state Employees' Retirement System.

HEI stock will split Monday

Hawaiian Electric Industries Inc.'s first stock split in 20 years will go into effect Monday when the company's shares open at $24.375.

Shares of the state's largest electric utility closed Thursday at $48.75. The stock market was closed yesterday to observe a national day of mourning for former President Reagan.

HEI, which declared its 2-for-1 stock split on April 21, last halved its shares in May 1984.