By Samantha Chiew
SHC Capital Asia announced on Monday night it had lodged a circular for the proposed acquisition of MM Myanmar for $69.7 million. The group will be acquiring the shares from Yoma Strategic Investments, First Myanmar Investment Company and Exemplary Ventures. The proposed acquisition will be paid by the issuance of about 265 million SHC new consolidated shares at a price of 26.3 cents each, following a share consolidation of every seven existing shares into one consolidated share.
The group has also proposed to change its name as part of the acquisition to “Memories Group” and undertake a compliance placement of up to 93 million new consolidated shares. The Memories Group will be engaged in tourism-related businesses focused on Myanmar and predominantly in the segments of Experiences, Services and Hotel.
Under the group’s Experiences segment, it consists of the BOB Business that hot air balloon flights in Bagan and Inle Lake regions. The Services segment consists of the DMC Business, operated under Asia Holidays Travel & Tours, which designs and implements customised tours, excursions, activities and cultural experiences. The Hotel segment consists of the HAL Business, a luxury 19-room boutique hotel in the foothill of Mount Zwekabin and PHL Business, when completed will be a 46-room urban resort located in Yangon.
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Shares in SHC last traded at 3.4 cents on Monday.