BIL lifts on response to exchange

By Felicity Anderson, Nzoom.com Business News Editor

Monday 27th May 2002

Investors still prepared to take a punt on Brierley Investment, now called BIL International, are nibbling at the stock in anticipation of a deal about to go through.

The stock rose 14.8%, or by 8 cents a share, to 62 cents on the New Zealand Stock exchange on Monday morning after BIL responded to a Singapore Stock exchange query. It later fell to 60c.

BIL responded an investor has approached the "active investment company" and expressed an interest in some of its assets.

"BIL understands that the same investor has also approached a substantial shareholder to buy a block of BIL shares. At this stage, all discussions are preliminary and no agreement has been entered into."

Analysts say the deal is most likely BIL's interest in Fraser and Neave.

Stockbroking sources said last week that DBS Vickers was trying to place the holding of 26.5 million shares at $S7.60 ($NZ9.27) each, but there were no takers.

BIL later said it had not approved any financial institutions to place the F and N shares.

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