RAINBOW AND EQUITICORP PLACE ULTRAMAR STAKE

  New Zealand investment companies
  &lt;Rainbow Corp Ltd> and &lt;Equiticorp Holdings Ltd> have placed
  the majority of their joint shareholding in oil and gas
  conglomerate Ultramar PLC &lt;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.
  

