Myanmar tourism company shares shoot up on S’pore mkt debut

Published on : Friday, January 5, 2018

Myanmar tourismMemories Group Ltd., the largest operator of balloons in Myanmar, shot up as much as 30 per cent above its placement price in its debut session on the Singapore stock exchange on Friday.

 
Memories Group is a 47.6 per cent owner 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 Wednesday. The stock trades under the MEGL ticker, and climbed as high as 32.5 per cent Singapore cents. The Straits Times Index fell 0.2 per cent.

 
“Tourism is one of the lowest-hanging fruits that will have exponential growth and we felt it was the right time to actually have an independent, dedicated platform to develop the tourism business,” Serge Pun, founder of Yoma Strategic and executive chairman in both companies, said in an interview in Singapore. His son, Melvyn Pun, an ex-Goldman Sachs Group Inc investment banker, is the chief executive officer of Yoma.

 
At $450 a person, a hot-air balloon ride is worth about a third of Myanmar’s gross domestic product per capita in 2016. International tourist spending in the country is estimated to reach $5.2 billion in 2027, more than double the $2.3 billion spent in 2016, according to a report by the World Travel & Tourism Council. More than 22,000 visitors rode on Memories Group’s balloons last fiscal year, Mr Pun said.

 
Memories Group is targeting high-end tourists with hotels and services and intends to acquire more tourism-related businesses with the proceeds of its placement, Mr Pun informed.

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  stumbleupon-logo   rss_logo 
ttw_blogger_logo  ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 02 AIME 2019
  • India UAE
  • 3 instanbul
  • 07 indywood 2018
  • 07 thehotelshowsaudiarabia 2019
  • 08 JTTX9 19
  • 09 uzakrota 2018
  • 10 OTM 2019
  • 11 BLTM 2019
  • 13 aite 2018
  • 13 TTWarsaw 2018
  • 14 SATTE 2019
  • 16 EMITT 2019
  • 16 IITM 2019
  • 17 AITF 18
  • 18 UITT 2019
  • 20 CITE_TTW 2018
  • 30 PATA

TRAVEL INDUSTRY EVENTS

    1. ISRAEL HOTEL INVESTMENT SUMMIT

      November 19 - November 20
    2. INTUR 2018

      November 22 - November 25
    3. TT WARSAW

      November 22 - November 24
    4. IITM HYDERABAD

      November 23 - November 25
    5. EyeforTravel Amsterdam 2018

      November 28 - November 29
Get our toolbar!
Review www.travelandtourworld.com on alexa.com