News Archive : Japan Real Estate

Friday, November 11, 2005

Lone Star's Golf Course Operator To List On TSE Next Month

Friday, November 11, 2005

Lone Star's Golf Course Operator To List On TSE Next Month

TOKYO (Nikkei)--A golf course management firm owned by U.S. investment fund Lone Star Group is set for a Dec. 15 debut on the Tokyo Stock Exchange, having received clearance from the bourse Thursday.

In addition to a public offering of 60,000 shares in Pacific Golf Group International Holdings KK, Lone Star will sell 297,000 shares in the firm, or nearly 30% of its stake. Nomura Securities Co. will oversee the initial public offering.

Pacific Golf manages more than 90 domestic courses, making it one of the largest operators in Japan. Lone Star has restructured golf operations acquired from struggling corporate entities, such as the Chisan Co. group. Sales are projected at 62.7 billion yen for the year ending Dec. 31, up 69%, with pretax profit rising 43% to 4.2 billion yen.

(The Nihon Keizai Shimbun Friday morning edition)