UOL eyes buyout of Pan-Pacific: Bloomberg

UOL currently owns 81.6% of Pan Pacific.

According to a Bloomberg report, UOL Group Ltd., the Singapore property developer controlled by billionaire Wee Cho Yaw, plans to take its hotel unit Pan Pacific Hotels Group Ltd. (PPAC) private, said two people with knowledge of the matter.

Bloomberg noted that UOL, which already owns 81.6 percent of Singapore-based Pan Pacific, plans to make an offer today, the people said, asking not to be named as the information is private. A UOL board meeting will be held this afternoon to approve the transaction, the people said.

Here's the link to Bloomberg's full report.

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