Disposal

RNS Number:2291D
Brierley Investments Limited
8 May 2001


DISPOSAL OF STAKE IN CEDENCO FOODS LIMITED

8 May 2001 - The Board of Directors of Brierley Investments Limited ("BIL")
wishes to announce that its wholly-owned subsidiaries Eglett Investments Limited
and Manco Limited, have sold their entire shareholdings in Cedenco Foods Limited
("Cedenco"), comprising a total of 48.54% of the total issued share capital of
Cedenco, to SK Foods International LP, for a total sale consideration of
NZ$11,506,084 (subject to deduction of the 19 March 2001 dividend declared by
Cedenco).  The sale consideration, net of and after deducting the 19 March 2001
dividend declared by Cedenco, amounted to NZ$11,051,896.

With the sale, Cedenco, which is a company listed on the New Zealand Stock
Exchange, will cease to be an associated company of BIL.

Cedenco is a processor of raw materials for local and international food
manufacturers with operations in Gisborne, New Zealand and Victoria, Australia.

BIL's book value of its interest in Cedenco is NZ$7.57 million.  The excess of
the sale proceeds over the book value is NZ$3.9 million.

The transaction is not expected to have any material effect on the Group's net
tangible assets or earnings per share for the financial year ending 30 June
2001.

None of the Directors or Substantial Shareholders of the Company have any
interest, direct or indirect, in the transaction.

About BIL

1.  An international investment company headquartered in Singapore, BIL, has a 
    primary listing on the Singapore Exchange, with secondary listings on the 
    London, New Zealand and Australian Stock Exchanges.

2.  BIL's primary role is as an active investor with strategic shareholdings and
    active investment management aimed at extracting and maximizing shareholder
    value.

3.  BIL's key investments are:

    - Thistle Hotels    - 46% stake
    - James Hardie      - 29% stake
    - Air New Zealand   - 30% stake
    - Fraser and Neave  - 10% stake

For additional information, please contact the following persons:

A G Shepherd
Chief Financial Officer
Brierley Investments Limited
Phone: [phone]
Fax:   [phone]
E-mail: [e-mail]

Richard Barton/Terence Foo
Gavin Anderson & Company
Phone: [phone]