Long Island, New York-based Kiwi Holdings has announced the acquisition of an unidentified 250-cabin ship which it said is under construction at Elefsis Shipyard in Greece.

Kiwi is purchasing the ship for approximately 42.2 million shares (with an estimated value of $125 million) from Toler Development Company, which in turn gives Toler 80 percent ownership of Kiwi.

Kiwi said the ship is expected to be completed in 1999 an d that it intends to offer cruises in the Caribbean and Alaska.