Memories Group Limited

8 February 2018

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 (or 41,131,520 shares) in the Company. The dollar value of our holdings is $9,295,724, which represents a 56% write-up from our initial investment of $5,950,000. The unrealized MoIC and IRR will be 1.56x or 69.8%, respectively, since the latest capital call only happened on 24 July 2017.

The company, the largest operator of balloons in the area, rose 48 percent above its placement price in its debut session on the Singapore stock exchange. 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.

Memories Group is targeting 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.