POSTED: 6:53 a.m. HST, Jul 28, 2014
LAST UPDATED: 7:32 a.m. HST, Jul 28, 2014
Kaupulehu Investors LLC, a subsidiary of Barnwell Industries Inc., has netted $2,640,000 for the sale of its interest in Hualalai Resort.
Kaupulehu Investors "recently entered into agreements pursuant to which the company will receive $2,720,000 for the sale of our interest in Hualalai Resort to an independent third party," said Morton Kinzler, chairman and CEO of the Honolulu-based and publicly traded Barnwell, in a statement. "We have received all of the consideration except $80,000, which is subject to a holdback for PUC (Public Utilities Commission) approval of the sale of a utility."
"The company will recognize a gain on this transaction in the company's quarter ending September 30, 2014," he said, adding that Barnwell "still has continuing long-term interests in lands adjacent to Hualalai Resort."