Singapore's Pan Pacific says UOL aims to take it private

SINGAPORE (REUTERS) - Singapore's Pan Pacific Hotels Group Ltd said on Friday that property developer UOL Group Ltd is seeking to take it private.

UOL already owns a 81.6 per cent stake in Pan Pacific.

Pan Pacific did not give details and said it will make a separate announcement.

Pan Pacific owns and manages more than 30 hotels, resorts and serviced suites across Asia, Oceania and North America.

UOL's move came after the chairman of luxury developer SC Global Developments Ltd, Simon Cheong, offered S$745 million to privatise the company in December.