Memories Group surges 30% on first trading day

Singapore

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.