The new owners of building supplier SAL Ltd. are looking at delisting the company from the Bermuda Stock Exchange, citing their intention to call a special meeting on the matter in the next six weeks.

SAL, a company that has profited from Bermuda's building boom in recent years, was sold last month for $21 million to a consortium headed by Phoenix Stores owner Wendall Brown and lawyer Paul King.

Mr. King is also the president of restaurant group Long Botham Boats, a company that delisted from the BSX more than a year ago. The consortium of investors, organised as Phillips Holdings Limited, acquired a 95.9 percent stake in SAL under the January deal.

In a separate announcement yesterday, Phillips advised the BSX it intends to become the sole owner of SAL, buying out remaining shareholders with an offer price of $82.45 a share.

SAL shares have been suspended from trading on the BSX since the January sale. Yesterday, in a late afternoon announcement, the BSX said the trading suspension had been lifted. SAL went public in the early 1980s, and was until recently one of the less frequently traded stocks on the BSX. Prior to its January sale there was a $65 bid for the shares but the asking price was $150. The company was offering a 100 percent yield on its shares, with a dividend of $12 a share. Its book value at the $12 a share price, was very low at 0.23 percent, meaning that its assets had an estimated book value of $13.9 million.

However, because investments and property are often recorded for their purchase price rather than at market value, it is likely that the assets were worth considerably more.