Memories Group placing out shares to keep public float — The Business Times

By Lynette Khoo

Placement of up to 50 million new shares at S$0.25 each follows reverse takeover of company. MEMORIES Group, the former SHC Capital, has launched a compliance placement of up to 50 million new shares at 25 Singapore cents a share. This comprises up to 42.6 million new shares and the sale of 7.4 million vendor shares. The final number of placement shares will be determined following a book-building process and the placement exercise is expected to close on Jan 3, the group said on Wednesday.

PrimePartners Corporate Finance is the financial adviser, sponsor and placement agent to the company. Memories Group had on Dec 18 obtained shareholders’ approval for the allotment and issuance of the placement shares, as well as the listing and quotation of these shares from the Singapore Exchange (SGX).

The compliance placement – for the purpose of meeting the minimum public float under Catalist Rules – follows the acquisition of tourism-related businesses from Yoma Strategic Holdings and Exemplary Ventures Ltd (EVL) through a reverse takeover (RTO) of shares in MM Myanmar Pte Ltd, a newly incorporated company with transferred businesses from Yoma’s wholly-owned unit Yoma Strategic Investments Ltd and EVL.

Trading in Memories Group’s shares on SGX has been suspended and is expected to resume on Jan 5. The Memories Group’s tourism-related businesses in Myanmar spans three areas, namely the experiences segment, the services segment and the hotels segment. The experiences segment consists of the Balloons Over Bagan business that operates hot air balloon flights in Bagan and Inle Lake regions, and Bagan Land. The services segment consists of the destination management business, which is branded under Asia Holidays. Travel & Tours Co Ltd, while the hotels segment consists of the Hpa-an Lodge and Pun Hlaing Lodge businesses.

Memories Group executive chairman Serge Pun said: “Tourism is set to be a growth driver for Myanmar, which has seen a significant increase in tourist arrivals over the years. “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. Through these acquisitions, we hope to enhance our footprint in the industry, and also raise our status as a premier tourism-related company.”

Helmed by chief executive officer Michel Novatin, Memories Group said it will actively identify new destinations that may be developed into the next tourist attraction, and at the same time develop activities or services to complement its hospitality offering. To further strengthen its market position, the group will seek to manage third-party tourism assets in Myanmar, which may provide an opportunity for acquisition in the future.