Memories Group debut on Singapore Exchange as Myanmar’s first Tourism Stock

Fri Jan 5, 2018 - 7:17am UTC
Memories Group, Balloon over Bagan
Memories Group debut on Singapore Exchange as Myanmar’s first Tourism Stock

5/1/2018 – An operator of a series of tourism-related businesses, Memories Group has begin trading on the Singapore Exchange board today.

With this listing, the company which is the largest operator of hot air balloons in Myanmar will become the first Burmese tourism-focused company to list on an exchange board.

Memories Group is also the spin-off of tourism assets at Yoma Strategic Holdings Ltd and two other companies, which has undertaken a reverse takeover (RTO) of SHC Capital Asia.

It will not hold a public offering as the company has previously raised S$10.7 million (about US$8.07 million) by placing 42.6 million new shares and 7.4 million vendor shares at S$0.25 per piece, in a placement that ended on January 3.

Following the placement, Yoma now controls a 47.6 percent stake in Memories Group.

“While it is in our strategy to develop new tourist destinations in Myanmar, we intend to embark on the expansion route through a series of tourism-related business acquisitions post-RTO,” said the executive chairman of Memories Group, Serge Pun.

“Through this acquisitions,” he explained. “We hope to enhance our footprint in the industry, and also raise our status as a premier tourism-related company.”

Since the company Reverse Take Over (RTO) and its placement of new shares, Memories Group’s valuation has increased to a little over US$100 million, a value that equates to a price-to-book value of about 2.3 times.

A leading tourism company in Myanmar, Memories Group is primarily known for its hot air balloons flight in Bagan and Inle Lake regions, which is among Myanmar’s most iconic tourist attractions.

Besides Balloons over Bagan, the company also has hostel businesses including the Hpa-an Lodge and Pun Hlaing Lodge businesses, as well as the Bagan Land which is a 4.3-acre land that is slated to develop into a commercial and hospitality development.

The company also has an arm that specializes in designing and implementing customized tours, excursions, activities, and cultural experiences, managing of travel logistics and organizing events.

Chief executive officer of Memories Group, Michel Novatin said, “We are delighted to be listed on the SGX-ST which will allow us to attract good and reputable partners and investors.”

“We can start to execute our business strategy in acquiring assets that fit in and complement the Memories brand. Unifying our assets under a single cohesive brand and together with the Integrated Tourism Platform, allows us to seamlessly manage our clients across businesses.”

The company is looking to position itself as a leading tourism company, capitalizing on their extensive local network and the first mover advantage.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.