RAINBOW AND EQUITICORP PLACE ULTRAMAR STAKE
New Zealand investment companies
<Rainbow Corp Ltd> and <Equiticorp Holdings Ltd> have placed
the majority of their joint shareholding in oil and gas
conglomerate Ultramar PLC <UMAR.L> at prices up to 2.20 stg per
share, the companies said in a statement.
    The companies said they had bought their 4.9 pct stake in
Ultramar for a total of 50 mln N.Z. Dlrs through a joint
venture company formed for that purpose in October.
    They said the joint venture made a profit of 15 mln N.Z.
Dlrs on the deal, but they did say how many shares they had
sold. No further details of the sale were available.
 REUTER
