Search

MORE NEWS
HOTELS & TOURISM | Staff Reporter, Singapore
Published: 03 Jun 13
648 views


Yoma Strategic Holdings completes acquisition of Myanmar tourism businesses

Including $10.7m purchase of SLTG.

In a disclosure to the Singapore Exchange, the Board of Directors of Yoma Strategic Holdings informed its shareholders that Chindwin Holdings Pte. Ltd. (CHPL), which is 70% held by the Company and 30% held by First Myanmar Investment Co., Ltd, a subsidiary of Serge Pun & Associates (Myanmar) Limited (SPA), has on 1 June 2013, completed the following acquisitions relating to the tourism business in Myanmar.

First is for Shwe Lay Ta Gun Travels and Tours Company Limited (SLTG) SLTG is a Myanmar company which owns and operates the “Balloons Over Bagan” business in Bagan, Myanmar. CHPL effectively controls 75% interest in SLTG. Ms Khin Omar Win holds the remaining 25% interest in SLTG. The total acquisition price is US$10,700,000.

The second is for Eastern Safaris Pte. Ltd. (ESPL) ESPL is a Singapore company which offers exclusive and luxurious adventure products in Myanmar and Bhutan. CHPL holds 75% interest in ESPL. Mr Brett Melzer holds the remaining 25% interest in ESPL. The total acquisition price is US$100,000.

Pursuant to the abovementioned acquisitions, the Company effectively holds 52.5% interest in SLTG and ESPL. Both Ms Khin Omar Win and Mr Brett Melzer have been appointed as Co-Heads (Luxury Tourism And Travel Division) of the Group. Template announcements on their appointments will be made separately.

Ms Khin Omar Win has granted a 5-year call option over 75% interest in the Bagan Land free from all encumbrances in the event that the land use of the Bagan Land is converted into “other use purposes” and has obtained the proper Myanmar legal status for the construction and operation of a hotel business on the Bagan Land in accordance with the Farmland Law 2012.

The Call Option Price is US$3,750,000 and this amount shall be set off against Ms Khin Omar Win’s 25% pro rata future contributions to the construction cost of any hotel to be constructed on the Bagan Land.

The Company will be using proceeds raised through the private placement exercise that was completed in November 2012 to fund the Company’s 70% share of the abovementioned acquisitions. 



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

Tags: Yoma Strategic Holdings, more news, hotels & tourism, acquisitions, Myanmar. CHPL, SLTG, ESPL

LATEST HOTELS & TOURISM JOBS »
  • No jobs posted on this category.
    PRINT ISSUE »

    Subscribe Now
    What factors are keeping expats rooted in Singapore?

    1254 views

    What factors are keeping expats rooted in Singapore?

    619 views

    Can Asian private equity outgrow the west?

    289 views

    MOST READ EXCLUSIVES

    The 10 richest Singaporeans

    The 10 richest Singaporeans

    Altogether, their total amount of wealth dropped by 20% to US$32.5 billion.

    by KRISANA GALLEZO
    13 Apr 2015 | 110325 views
     

    16 items that are a tad cheaper in Singapore than in Hong Kong

    16 items that are a tad cheaper in Singapore than in Hong Kong

    Coffee lovers need not go farther for a cheaper cup of cappuccino.

    by KRISANA GALLEZO
    20 Mar 2015 | 105564 views

    Check out P&G Singapore’s new office with outdoor working spaces

    Check out P&G Singapore’s new office with outdoor working spaces

    It occupies 6 contiguous floors within The Metropolis.

    by LEE ANNE BABIERRA
    30 Apr 2015 | 21150 views
     

    Singapore’s 8 hottest 40 and under hotel chefs

    Singapore’s 8 hottest 40 and under hotel chefs

    Check out and be inspired from their humble beginnings before rising the ranks.

    by KRISANA GALLEZO
    27 Mar 2015 | 14449 views

    Chow Tai Fook opens second store in Singapore

    Chow Tai Fook opens second store in Singapore

    It's a 1,000-square feet new jewellery shop on Orchard Road.

    by KRISANA GALLEZO
    26 Feb 2015 | 13023 views
     

    This is a woman’s world: CRIB launches Singapore’s first business and lifestyle incubator for women

    This is a woman’s world: CRIB launches Singapore’s first business and lifestyle incubator for women

    Find out what the three key platforms of CRIB are.

    by KRISANA GALLEZO
    10 Mar 2015 | 8781 views

    The New Black hits Singapore with rarest green coffee

    The New Black hits Singapore with rarest green coffee

    It also boasts of its Impossible Collection curated by the ‘world’s rockstar roasters'.

    by KRISANA GALLEZO
    5 Mar 2015 | 5470 views
     

    All the single ladies: Here’s Singapore’s first female-centric dating app for you

    All the single ladies: Here’s Singapore’s first female-centric dating app for you

    Its female-friendly features help women find serious daters.

    by LEE ANNE BABIERRA
    20 Apr 2015 | 5318 views

    Get to know the husband-and-wife duo behind the novice 3E Accounting

    Get to know the husband-and-wife duo behind the novice 3E Accounting

    This local accounting firm expanded from 2 to 35 members in just 4 years.

    by KRISANA GALLEZO
    24 Apr 2015 | 5155 views
     

    Take a sneak peek at Equinix’s $300m international business exchange data centre in Singapore

    Take a sneak peek at Equinix’s $300m international business exchange data centre in Singapore

    Which took almost a decade to finish.

    by KRISANA GALLEZO
    27 Apr 2015 | 3709 views

    Want to be hands-on with your ideal home setting?

    Want to be hands-on with your ideal home setting?

    Commune is opening an Experience Centre for meticulous homeowners.

    by KRISANA GALLEZO
    23 Mar 2015 | 3301 views
     

    Office in the sky: How’s having a meeting in the clouds?

    Office in the sky: How’s having a meeting in the clouds?

    Check out ACL Asia Pacific’s Cumulonimbus, Altostratus and Cirrus rooms.

    by KRISANA GALLEZO
    1 Apr 2015 | 3278 views

    Lazada Singapore CEO Martell Hardenberg talks about his “Happy Customer” philosophy

    Lazada Singapore CEO Martell Hardenberg talks about his “Happy Customer” philosophy

    Find out what other goals the 27-year-old has for the company.

    by KRISANA GALLEZO
    27 Mar 2015 | 3177 views
     

    LawCanvas saves the day: Easy legal documents in under a minute

    LawCanvas saves the day: Easy legal documents in under a minute

    The founders revolutionized the legal industry despite having different backgrounds.

    by KRISANA GALLEZO
    2 Mar 2015 | 2829 views

    Take a look inside INSEAD’s $55m leadership development centre in Singapore

    Take a look inside INSEAD’s $55m leadership development centre in Singapore

    It marks the fulfillment of a vision too ambitious to achieve 15 years ago.

    by KRISANA GALLEZO
    1 Apr 2015 | 2727 views
     

    Le Petit Paradis recently rebranded as Enoch’s European

    Le Petit Paradis recently rebranded as Enoch’s European

    It’s a full-fledged contemporary European restaurant blossomed from a motorcycle accident.

    by KRISANA GALLEZO
    22 Apr 2015 | 1459 views

    #OnTheContrary campaign reveals the ‘real struggles’ of entrepreneurs

    #OnTheContrary campaign reveals the ‘real struggles’ of entrepreneurs

    Rags to riches stories are fabulous, but here’s the real deal.

    by KRISANA GALLEZO
    27 Mar 2015 | 1277 views
     

    Find out what it’s like going into business with your in-law

    Find out what it’s like going into business with your in-law

    A young entrepreneur teamed up with his father-in-law to redefine home entertainment needs.

    by KRISANA GALLEZO
    27 Mar 2015 | 1075 views

    What is the future of the sports business in Singapore?

    What is the future of the sports business in Singapore?

    Can a new billion-dollar stadium give Singapore the edge it needs to compete for world-class sporting events?

    by STAFF REPORTER
    20 Mar 2015 | 887 views
     

    Fragrance Du Bois to launch a new scent this year

    Fragrance Du Bois to launch a new scent this year

    Also, check out its pop-up boutique at TANGS Orchard open until April 26.

    by KRISANA GALLEZO
    17 Apr 2015 | 844 views

    This bold ad film tells you what happens when maids are not given their due day off

    This bold ad film tells you what happens when maids are not given their due day off

    ‘Mums & Maids’ generated 5 million views in 5 days.

    by KRISANA GALLEZO
    7 May 2015 | 712 views
     

    HAITE Group launches its first aviation training center in Singapore

    HAITE Group launches its first aviation training center in Singapore

    It is the first major investment by a Chinese aerospace firm.

    by KRISANA GALLEZO
    13 May 2015 | 698 views

    Megafash sets the stage for local entrepreneurs to introduce indie brands

    Megafash sets the stage for local entrepreneurs to introduce indie brands

    It plans to expand in Malaysia and Indonesia.

    by KRISANA GALLEZO
    20 Apr 2015 | 577 views
     

    Singapore retailers turn to technology to boost productivity

    Singapore retailers turn to technology to boost productivity

    Shopping for the first child is always challenging for the parents.

    by STAFF REPORTER
    15 May 2015 | 521 views
    close Don't Show Again

    STAY INFORMED! Get our free weekly newsletter