COOKS ISLAND GOVERNMENT SELLS SHARES IN NATIONAL SHIPPING COMPANY

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RARATONGA, Cook Islands (June 1, 1999 - PACNEWS)---The Cook Islands Government no longer owns shares in the national shipping company, Cook Islands National Shipping and Chartering Limited.

A statement from Investment Corporation, the company that looks after the Government shares, said the other shareholder in the company, Triad Maritime, had decided to take-up its contract option to buy out the Government shares.

Chief Executive of Investment Corporation, Brian Mason, said the shares were not advertised like other asset sales.

He said under the shareholding contract, Triad Maritime has the first right of purchase.

The Cook Islands Government has long been criticized for having shares in businesses which compete with the private sector.

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