Sale talks for major BIL stake fall through

By NZPA

Wednesday 18th December 2002

Investment company BIL International said today that talks between its cornerstone shareholder and a prospective buyer for its stake had fallen through.

Camerlin Group Berhad, which owns 22.26 percent of BIL, has not been successful in talks with a potential purchaser, the company said.

BIL's share price jumped to 79c in July as rumours swirled about the possible sale. Its share price today was flat at 53.

Camerlin, a consortium under the loose control of Malaysian tycoon Quek Leng Chan, is regarded as having been instrumental in BIL's move to Singapore in 1999, when it was called Brierley's Investments.

Meanwhile, speculation about an interested buyer for BIL's key asset, the Thistle hotel chain in Britain, remains unresolved.

Britain's takeover panel has given Orb, an investment company based in the Channel Islands, until early next year to make a decision on its interest in the hotel chain.

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