Myanmar tourism stock soars away from crisis

SINGAPORE (Jan 8): A Myanmar tourism company soared up and away from the country's humanitarian crisis. Tycoon Serge Pun's hot-air balloon operator Memories Group had a strong debut after reversing onto Singapore's junior exchange on Friday. The shares have jumped 60% even as a campaign persists against the Rohingya Muslim population that the United Nations has condemned as ethnic cleansing. It's hard to square the financial optimism with the political realities.

Myanmar's beguiling landscapes and historic temples attract travellers seeking unspoiled Asia. An end to decades of military rule in 2016 lured foreign businesses hoping to help fund everything from power plants to schools. An economic boom has yet to materialise, however.

Pun is a go-to partner for outsiders betting on Myanmar. His property-to-banking conglomerate First Myanmar Investment was once the only company listed on the Yangon exchange. The vacation venture, though, will depend on more than his Mr  Clean reputation.

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