Memories Group, formerly known as SHC Capital Asia, began trading on the Singapore bourse at 28.5 Singapore cents on Friday after completing a placement to meet public-float requirements. The counter surged almost 30 per cent to close at 37 Singapore cents, with about 2.68 million shares changing hands. The placement of 50 million shares at 25 Singapore cents each was undertaken after Memories – a spin-off of Yoma Strategic Holdings’ Myanmar-focused, tourism-related businesses – completed a reverse takeover of SHC in December 2017. Following the placement, Yoma now has a 47.6 per cent stake in Memories. Yoma shares rose 0.5 Singapore cent to close at 54 Singapore cents. Yoma is a Myanmar-focused conglomerate with businesses in property, auto distribution and fast food. Memories’ and Yoma’s chairman Serge Pun said in a statement: “Memories Group will benefit from listing on the SGX Catalist as it raises our status as a reputable company. With the listing, we intend to enhance shareholder value by expanding our business through a series of tourism-related acquisitions and develop new tourist destinations along the way.” “We believe our access to the vibrant Singapore capital market will help to support and fuel our growth plans in the years to come,” he added.
Memories also announced that it is changing its financial year-end from Dec 31 to Mar 31. Its current financial year will end on Mar 31, 2018. The presentation currency of the company’s financial statements has also been changed from Singapore dollars to US dollars. Head of equity capital market (SME) and head of capital market development at SGX, Mohamed Nasser Ismail, said: “We are pleased to welcome Memories Group, the first Myanmar-based tourism company to be listed in Singapore, to the Catalist. The Memories Group’s connections with Yangon-listed First Myanmar Investment Company Limited and Singapore-listed Yoma Strategic Holdings Ltd, two highly reputable conglomerates with a long track record in Myanmar, contribute to its competitive edge in riding on the strong growth of Myanmar’s tourism industry.” Memories Group is a tourism company in Myanmar, with businesses spanning three areas, namely the experiences segment, the services segment and the hotels segment. The group has a market capitalisation of about S$88 million.