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SHC Capital inks MOU to acquire tourism assets in Myanmar

SHC Capital Asia has inked a non-binding memorandum of understanding (MOU) with two corporate entities and two individuals to acquire tourism and hospitality businesses in Myanmar.

Based on preliminary estimates by the vendors, the indicative price for the potential acquisition is some S$75 million which will be satisfied by the issue of new shares to be mutually agreed, said the firm in an announcement to Singapore Exchange (SGX).

SHC is also applying to SGX for further extension of time to meet the requirements for a new listing as its current long-stop date is due to expire on Jan 31, 2016.

If the extension is not granted, in the absence of an exit cash offer from any party, the board intends to seek shareholders' approval for a voluntary liquidation following the delisting.

SHC counter slipped 2.3 per cent to finish at 12.5 Singapore cents on Wednesday.