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Pan Pacific might go private...

Singapore's UOL Group currently owns 81.46% of Pan Pacific, but is considering taking the hotel group private after a year of rapid share value increase over the past year.

The UOL Group property developer in Singapore plans to consolidate its assets by buying out the remaining 18.4% of outstanding stock, thereby taking the hotel group private. The announcement comes after a very good year for Pan Pacific stock value. Pan Pacific shares rose almost 30% over the past year, with a market value of US $1.13 billion. Stock is now trading around 19.7 times earnings. If UOL goes through with the plan, stocks will be purchased at US $2.06 a piece, which is nearly a 9% premium.Pan Pacific currently manages more than 30 hotels, mostly located in the booming Asia Pacific region. According to UOL's controlling investor Wee Cho Yaw, there is no intention of changing Pan Pacific's business.


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