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Memories Group begins trading on SGX at S$0.285 after reverse takeover of SHC
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.
As at 9.53am on Friday, the counter was trading 7.02 per cent, or two Singapore cents, higher at 30.5 Singapore cents after 1.56 million shares changed 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 controls a 47.6 per cent stake in Memories.
Yoma shares rose 1.87 per cent, or one Singapore cent, to 54.5 Singapore cents. Yoma is a Myanmar-focused conglomerate with businesses in property, auto distribution and fast food.
Memories and Yoma 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 Group is a leading 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 cap of about S$88 million.