We are proud to share the news that Memories Group Limited, a tourism company in Myanmar that operates an integrated tourism platform has been listed on the Singapore stock exchange (ticker MEGL:SP) on January 5th, 2018. The share closed at $0.37 on its first day of trading, signifying unrealized returns (MoIC) of 1.92x and IRR of 113.7%. With regards to ACE’s investment, we have 11.7% stake in the Company, and currently the investment is a 56% write-up from our initial investment.
Memories Group is present in seven key tourism destinations in Myanmar and is by any measure the largest tourism entity in the country. The company targets high-end tourists with hotels and services and intends to acquire more tourism-related businesses with the proceeds of its placement, said Serge Pun, founder of Yoma Strategic. Memories Group is a 47.6 percent-owned unit of Burmese conglomerate Yoma Strategic Holdings Ltd., which spun off its Myanmar tourism assets via a reverse takeover of SHC Capital Asia.