Reported by Star-Bulletin staff & wire
Friday, July 26, 1996
Reported by Star-Bulletin staff & wire
Friday, July 26, 1996
Roberts Hawaii Inc. has purchased the assets of school bus operators Central Transportation Co. and Big Island-based Laupahoehoe Transportation Co. Terms of the deal were not disclosed.
The sale was announced yesterday by Gov. Ben Cayetano who transfered the existing school bus contracts to Roberts, adding to its existing school bus operations.
The new company, which will be known as Roberts Central Laupahoehoe Inc., will be the state's largest school bus operator, serving more than 24,500 students with more than 500 school buses.
In the deal, Roberts acquired 125 buses on Oahu and 45 buses on Maui from Central as well as 120 buses from Laupahoehoe. Art Obester, vice president at Roberts, said the company plans to retain most of Central's 240 employees and Laupahoehoe's 133 workers.
Central and Laupahoehoe are sister companies of Gray Line Hawaii Inc., according to Nobu Shinohara, president of CM Holding. CM Holding is a shareholder in all three companies, he said.
Gray Line filed for Chapter 7 bankruptcy protection in May.
VeriFone, which makes credit-card processing technology, yesterday said the buyback replaces a previous repurchase plan announced in February.
The Redwood City, Calif., company said during the first six months of 1996 it repurchased 355,200 common shares for a total purchase price of about $16.9 million.
VeriFone stock rose 9 percent yesterday on news of the buyback, jumping $3.62-1/2 to $43.37-1/2. VeriFone ended today's trading up $1 at $44.37-1/2 on the New York Stock Exchange.
VeriFone was founded in Hawaii and maintains research facilities locally.
Study reports on beta carotene last year ranged from neutral to negative on its relationship to cancer prevention. Even though the reports were based on a synthetic product and not the natural product the partnership would produce, they meant the market did not really develop, said Gerald R. Cysewski, Cyanotech president and chief executive officer.
The Kona-based microalgae company said its has given up its 40 percent interest in the joint venture, Betapharm International, and the 60 percent partner, Hauser Chemical Research Inc., assumed full ownership.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 6.01 percent, up from 5.97 percent last week.