PACIFIC LIGHTING <PLT> CONSIDERS UNIT SALE
Pacific Lighting Corp said it is
considering the sale of its land development line of business
and will be initiating discussions with potential buyers.
    The book value of the company's investment in land
development operations is 224 mln dlrs. The Pacific Lighting
Real Estate Group earned 24.2 mln dlrs and employed 800 people
during 1986, the company said.
    Alternatives to the sale being considered include a master
limited partnership and an initial public offering of the
equity in the land development companies, it said.
    Proceeds from the sale would likely be invested in Pacific
Lightings' new specialty retailing line of business and its oil
and gas operations, the company said.
    The investment banking firm Morgan Stanley has been
retained to advise Pacific Lighting on the disposition of the
land development operations.
    Completion of a transaction, it one is made, is expected by
the end of the year, the company said.
 Reuter
