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Memories Group Q4 net profit surges to US$6.15m on one-off gain

On the back of a one-off US$8.07 million gain from a bargain purchase, Catalist-listed Myanmar-based tourism firm Memories Group posted net profit attributable to shareholders of US$6.15 million for the fourth quarter ended March 31, 2019. This was more than 11 times the year-ago figure of US$556,000. Gross profit, however, fell 12 per cent to […]

Memories Group buys a stake in Yangon’s Strand

YANGON, 3 May 2019: Myanmar-based Memories Group has invested USD3.19 million in Strand Hotel International Ltd that operates three hotels and river cruise boat. The investment gives the company a minority share in the Strand Hotel, an iconic landmark on the Yangon waterfront, the four-star Inya Lake Hotel, a 27-acre lakeside property in northern Yangon; […]

Memories Group to issue US$3m convertible bonds to buy stake in 3 Yangon hotels, boat cruise

CATALIST-LISTED Memories Group plans to acquire a 15.28 per cent interest in Strand Hotel International, which owns stakes in three Yangon hotels and a boat cruise, by issuing US$3.19 million in convertible bonds, the Myanmar-based tourism company said on Monday before the market opened. Memories entered into a share purchase agreement with Oakframe Investment and […]

Why is Serge Pun betting on tourism?

Tourism has borne the brunt of an economic slowdown and the international outcry over Rakhine, but one tycoon is feeling bullish about the industry. By BEN DUNANT | FRONTIER “TOURISM is low-hanging fruit in any country looking to develop,” says Mr Serge Pun, puffing on a cigar in the headquarters of Memories Group, a company […]

Glamping arrives in Mergui Archipelago

It’s a case of ‘take only photos and memories, leave only footprints’ at the newest five-star resort in the remote Mergui Archipelago, off the coast of southern Myanmar and Thailand. With its opening listed as among the most highly anticipated by luxury lifestyle Robb Report and Luxury Travel magazine, Awei Pila (aweipila.com) received its first […]

Balloons Over Bagan soars to new state in Myanmar

Balloons Over Bagan, under Myanmar-based Memories Group, has launched a new hot-air balloon flight in Kayah State. Hot-air balloon rides in Loikaw take off at sunrise on a daily basis throughout the year and can carry six to eight passengers per flight. Air time lasts one to two hours, and balloons will reach a maximum […]

Memories bets on tourist boom in Myanmar

ONE of Myanmar’s most well-known tycoons, and dubbed “Mr Clean” for his business dealings, Serge Pun finds magic in creating something from nothing. “I love the challenge of building something from scratch, like taking a barren tract of land, and sculpting it into a sprawling golf course or a beautiful residential estate,” said the executive […]

Hotel expansion continues in Yangon

More hotels are on the way in Myanmar’s commercial capital, Yangon, despite a sluggish tourism performance over the last two years due to the on-going Rohingya crisis. Developers at the luxury end of the market appear undeterred by the drop in European tourists believing business and luxury travel segments will continue to grow. But tour […]

Memories Group acquires two Myanmar hotels, island development rights for US$40.7m

MYANMAR-based tourism firm Memories Group, in its first earnings report since its Catalist debut in January, posted on Wednesday a net loss of US$1.7 million for the three months ended June 30, widening from US$698,000 in the year-ago period. A spin-off of mainboard-listed Yoma Strategic Holdings’ tourism-related businesses, the company also announced it had acquired […]

Singapore-listed Memories Group buys Myanmar’s Kayah Resort

Myanmar-based tourism-focused company Memories Group is acquiring the 26-key Kayah Resort in Myanmar’s Loikaw from Wa Minn Group of Companies and Kun Naung Myint Wai for S$2.9 million (US$2.2 million), an 11-times multiplier on the hotel’s forecasted average operating profit from FY2019 to FY2021. Kayah Resort is a 26-key boutique hotel located in Loikaw, Kayah […]