Prominent local tourism company Memories Group has acquired a 15.28 percent stake in Strand Hotel International Limited (SHIL), in a deal worth USD 3.19 million. The deal involved interests in three Yangon based hotels, as well as a well-known cruise, according to a report in Dealstreet Asia. SHIL controls three hotels in Yangon, namely Strand Hotel, Inya Lake Hotel and Hotel G Yangon, as well as The Strand Cruise. According to the article, Memories Group has entered into an agreement to purchase 1,969,636 shares in SHIlL, accounting for 15.28 percent of the company. “The acquisition is in line with our plans to own, develop and/or operate more hotels and lodges so as to expand our hotel business segment,” Cyrus Pun, CEO of Memories Group was quoted as saying. He also added that he remained convinced of “the enormous tourism potential of Myanmar”. Memories Group, which is affiliated to Yoma Strategic Holdings, has several other business interests in Myanmar’s tourism sector, including Balloons over Bagan, Bagan Land and Hpa-An Lodge, a hotel in Kayin State.
Upcoming Events
- No events
- all events
Highlights
Terminals, ports, logistics, liner operations disrupted
German containerline Hapag Lloyd has announced a decision to temporarily suspend cargo bookings into Myanmar …Facebook, Instagram ban military and related pages with immediate effect
In a February 24th update to its February 11th statement, Facebook through its Director of …Luxury Japanese real-estate complex called out for funding military
Despite distancing itself from other major Western states imposing sanctions on military-linked individuals and entities, …
Myanmar in the Media
- Southeast Asian defense chiefs talk regional security with US, China, othersSource: Voice of America East AsiaNovember 21, 202413 hours ago
- World’s conflict zones increased by two-thirds in past three years, report revealsSource: GuardianNovember 21, 202421 hours ago
- Myanmar photojournalist goes free after two years of imprisonment, tortureSource: Voice of America East AsiaNovember 21, 20241 day ago
- Fearful after arrest, Cambodian reporter who exposed scam centers quits mediaSource: Voice of America East AsiaNovember 20, 20241 day ago
Thura NewsViews
Myanmar’s most widely read newsletter on the country’s politics, economy and businesses brought to you by Thura Swiss