BIL Investments hits new year high

By NZPA

Friday 5th July 2002

BIL Investments' share price hit a new year high of 71c today, jumping 6c.

The stock, which has not traded that high since March last year, has divested about half a percent of its 10 percent stake in diversified Singaporean company Fraser and Neave (F&N).

BIL, formerly Brierley's, yesterday said it had sold 503,000 F&N shares at $S7.9238 ($NZ9.31) per share. On Wednesday it sold 216,000 shares of F&N at $S7.8569 each.

BIL has been paring back its stake in F&N, which sells Coca-Cola and Tiger Beer and owns shopping malls, from the beginning of the year. The firm owned 11 percent of F&N at one stage and was one of its biggest shareholders.

BIL also announced that former chief executive officer Greg Terry had resigned as non-executive director of the firm on Wednesday.

The firm's shares ended up 7 percent at $S61.5c on Thursday in Singapore. F&N shares closed down 1.9 percent at $S7.80.

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