Memories Group

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Myanmar's First Tourism Stock Rises 48% in Singapore Debut

By Sterling Wong  and Livia Yap
January 5, 2018, 8:00 AM GMT+8 Updated on January 5, 2018, 5:56 PM GMT+8

Thousands of tourists have floated in a hot-air balloon over Myanmar’s historic Bagan plains dotted with more than 2,200 ancient Buddhist temples, pagodas and monasteries. Chances are they rode one of Memories Group Ltd.’s inflatables.

The company, the largest operator of balloons in the area, rose 48 percent above its placement price in its debut session on the Singapore stock exchange on Friday. Memories Group is a 47.6 percent-owned unit of Burmese conglomerate Yoma Strategic Holdings Ltd., which spun off its Myanmar tourism assets via a reverse takeover of SHC Capital Asia.

The company raised S$10.7 million in a placement of 42.6 million new shares and 7.4 million vendor shares at S$0.25 per piece, which ended on Jan. 3. The stock trades under the MEGL ticker, and closed at 37 Singapore cents. The Straits Times Index fell 0.3 percent.

More details in https://www.bloomberg.com/news/articles/...ding-debut

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Memories Group acquires a portfolio of assets including an island in Myanmar’s Mergui Archipelago

Highlights :
1. Acquiring development rights over 5,100-acres islands, a 24-villa five-star hotel and a 72-room three-star hotel
2. The combined purchase price of US$40.7 million will be funded by cash and issuance of new shares
3. The new shares will be issued at a significant premium of 16.9% over the last traded weighted average price
4. Memories Group’s Integrated Tourism Platform now covers seven of Myanmar’s major tourist destinations.

Memories Group will be acquiring the development rights of Bo Ywe Island, Nga Mann Island and Kyun Pila Island, together with Awei Pila which is a five-star hotel located on the Kyun Pila Island. In addition, the Group will also be acquiring Hotel Suggati, a three-star hotel in Mawlamyaing. The total purchase price for all these assets is US$40.7 million.

A total of 146,473,133 ordinary shares of the Company at an issue price of S$0.25 per Share (the "Consideration Shares"), which represents US$26.9 million or 66.2% of the purchase price, will be allotted and issued at completion of the acquisition. The issue price of S$0.25 per Consideration Share represents a 16.9% premium over the weighted average price of the Company’s Shares of S$0.2138 for trades done on the SGX-ST on 20 July 2018, being the full market day on which the Company's shares were traded prior to the date of the sales and purchase agreement on 25 July 2018.

The remaining 33.8% of the purchase price will be funded by a cash consideration of US$13.8 million which is payable only upon the satisfaction of certain conditions subsequent. The cash consideration will be funded by way of a combination of debt/equity fund raising in the capital markets and/or external borrowings.

Samena Mandalay Holdings will hold approximately 28.11% of the enlarged share capital of Memories Group following the completion of the acquisition.

More details in :
1. http://infopub.sgx.com/FileOpen/Memories...eID=517411
2. http://infopub.sgx.com/FileOpen/Media%20...eID=517412