HONOLULU Pacific Century Financial Corp. said late Wednesday that it has agreed to sell all 6.2 million shares of its common stock in the Bank of Queensland to a private investor and that it has sold 5.4 million in convertible notes back to the Australian bank.
Bank of Queensland, in Brisbane, released a statement Thursday that said it had paid $20 million for the convertible notes. Pacific Century purchased them in April 1998.
The sales are part of a plan announced Monday by Pacific Century to shed most of its non-Hawaiian holdings. At that time chief executive Michael E. ONeill said he expected the company to make a profit of $3 million to $5 million on the sale of its stake in the Australian bank.
Linfox, a shipping company that is owned by the Australian entrepreneur Lindsay Fox, is the buyer in the stock deal, Bank of Queensland said in a statement.