Memories Group takes stake in three iconic Yangon hotels and a boat cruise
• Shares purchase agreement will give Memories Group a 15.28% stake in Strand Hotel International Limited which has a 50% interest in The Strand Hotel, Inya Lake Hotel, and Hotel G Yangon and an 80% interest in The Strand Cruise
• Consideration of US$3.19 million payable through the issuance of unlisted convertible bonds with a coupon rate of 5% per annum
Memories Group is a leading tourism company in Myanmar that operates an “Integrated Tourism Platform” which synergistically connects its Experiences, Services and Hotels Segments under the group to provide a seamless, one-of-a-kind experience aimed at creating lasting memories. Its businesses include (i) the Balloons Over Bagan, which is an iconic Myanmar tourist attraction, that operates hot air balloon flights in the Bagan and Inle Lake regions; (ii) Burma Boating, operator and organiser of premium cruises on luxury yachts in the Mergui Archipelago in Southern Myanmar; (iii) the Bagan Land is intended to be developed into a proposed commercial and tourism-related hospitality development located in Nyaung U Township, Bagan; (iv) a destination management company branded under Asia Holidays Travel & Tours Co. Ltd (Memories Travel); (v) Hpa-An Lodge (Keinnara Hpa An), a luxury 19-room boutique resort hotel located in the foothill of Mount Zwekabin in Hpa-An Township of Karen State, (vi) Pun Hlaing Lodge (Awei Metta), a 46-room unique ‘urban resort’ located within Pun Hlaing Estate in Yangon, when completed; and (vii) Kayah Resort (Keinnara Loikaw), is a 26-key boutique resort in Loikaw, Kayah State.
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This press release has been prepared by the Company and its contents have been reviewed by the sponsor, PrimePartners Corporate Finance Pte. Ltd. (“Sponsor”) for compliance with the Singapore Exchange Securities Trading Limited (“SGX-ST”) Listing Manual Section B: Rules of Catalist. The Sponsor has not verified the contents of this press release.
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The contact person for the Sponsor is Ms Gillian Goh, Director, Head of Continuing Sponsorship (Mailing Address: 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318 and E-mail: email@example.com).