Pacific Internet Limited (PacNet), incorporated on March 28, 1995, is an Internet communication service provider of data, voice and video Internet services in Singapore, Hong Kong, the Philippines, Australia, India, Thailand and Malaysia. PacNet provides a suite of Internet solutions to meet the varying needs of consumers and corporate customers of every size from small office home office (SOHO), start-ups, small and medium businesses (SMBs) to regional and multinational corporations with multi-site presence. On April 27, 2006, UOB Asia Limited announced for, and, on behalf of MediaRing Ltd (MediaRing) that MediaRing intended to make a takeover bid to acquire all of PacNet's issued and outstanding shares. PacNet's major Internet access products include dial-up access, integrated services digital network (ISDN) access, leased line access, consumer broadband and corporate broadband, wireless broadband @ home and wireless broadband @ work. The dial-up access service provides Internet access for consumers and corporate customers using modems to dial into PacNet's dial-up network at a speed of up to 56 kilobits per second. The ISDN access services provide dial-up Internet connection at a speed of 64 kilobits per second and 128 kilobits per second. This service is offered to the corporate market. Leased line access offers 24-hours Internet access to carry data traffic at a speed from 64 kilobits per second up to a 2-megabit-per-second Internet connection. Consumer broadband and corporate broadband offer up to 1.5 megabits per second broadband connectivity for both consumer and corporate users under time-based, volume-based packages or unlimited access. Wireless broadband @ home is targeted at homeowners who prefer a simple and hassle-free connection. Broadband contributed 49.7% to total revenue during the year ended December 31, 2005, and was the single largest revenue source for the Company. PacNet's Internet services for consumers are designed to meet the needs of individuals with varying levels of Internet experience and Internet utilization. Value-added services (VAS), which are available for an additional fee, include wireless hotspots that allow consumers to enjoy Internet roaming at selected hotspots and other message services and remote access to Internet accounts. In Singapore, anti-virus, anti-spam and gaming have been introduced on a chargeable basis to drive consumer broadband subscription. In the Philippines, VAS, such as anti-virus, anti-spam and Web accelerator applications, among others, are offered. The value-added Internet services for corporate customers include voice and video services, e-mail outsourcing service, Web hosting, Internet data center service, Internet back-up service, load balancing service, anti-spam, anti-virus service, managed security service, managed virtual private network service and international roaming service. The VAS revenue represents 15% of total revenue in 2005. The Company's travel business, branded Safe2Travel, is a corporate travel agency in Singapore. Its core business is business travel management for corporate customers. Safe2Travel provides a range of services, including air ticketing, hotel reservation, car rental booking, corporate incentive travel, trade mission travel and other customized travel arrangements. The Company competes with SingNet Pte Ltd., StarHub Internet Pte Ltd., PCCW, NTT Communications Limited, CITIC Pacific, PLDT, Tri-Isys Inc., Globe, Telstra, Optus, VSNL, Internet Thailand Public Limited Company, Samart Corporation Public Limited Company and TM Net Sdn. Bhd.