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GL's unit initiates $260M sale of Hawaiian assets, faces county opposition

GL Ltd.'s wholly owned subsidiary BIL (Far East Holdings) Ltd. appointed Carvill Sotheby's International Realty to off-load approximately 55,000 acres of land on the Hawaiian island of Molokai for a price tag of $260 million.

The Molokai assets, which also include the water and wastewater services on Molokai, are held by Molokai Properties Ltd., or MPL, an indirect wholly owned subsidiary of BIL.

Meanwhile, the County of Maui submitted a motion against the sale claiming that MPL has breached, or intends to breach, the terms of a settlement agreement signed between the two parties in 2010, which, among other things, included the provision of the water services. The county has requested for the enforcement of the agreement and for the sale to be blocked until it issues an approval.

MPL, however, refuted the county's allegations, and together with BIL, it plans to oppose the motion, according to a filing.