BIL share price soars after investor inquiry

Investment firm BIL International Ltd's share price has lifted following an approach from an investor interested in one of its assets.

On Friday the Singapore Exchange queried BIL's 18 per cent rise to 54.50 Singapore cents (NZ65c) in heavy trade, its highest level since mid-2001.

BIL, formerly Brierley Investments, said it was unable to explain the sudden rise.

"However, an investor has approached BIL and expressed an interest in making an investment in certain of BIL's assets. BIL understands that the same investor has also approached a substantial shareholder to buy a block of BIL shares," the company said in a statement to the Singapore stock exchange.

"At this stage, all discussions are preliminary and no agreement has been entered into.

"BIL is an active investment company and it would, in the ordinary course of its business, continually explore its strategic options and engage in discussions regarding potential corporate transactions and opportunities, both over the near term and medium-to-long term, with respect to its assets and investments with a view to maximising shareholder value."

BIL is controlled by Malaysian tycoon Quek Leng Chan. It said earlier this month it had not sold its 10 per cent stake in food group Fraser & Neave which it once had wanted to take over.

DBS Vickers was trying to place out a 10 per cent stake in F&N from an unidentified shareholder on May 16, which many suspected was BIL.

BIL owns stakes in London's Thistle Hotels, and Air New Zealand.

- NZPA