SINGAPORE (Apr 26): Memories Group is acquiring a 15.28% stake in Strand Hotel International from Oakfame Investment and its holding company, Sun Hung Kai & Co.
The consideration will be settled by way of issuance of unlisted convertible bonds amounting to US$3.2 million ($4.4 million) at the coupon rate of 5% per annum. The group has entered into a conditional convertible bond subscription agreement with Oakfame, whereby the group will issue and Oakfame will subscribe for the convertible bonds.
Hence, assuming conversion at the maturity date, the maximum amount of the consideration will be US$3.7 million.
Strand Hotel International engages in tourism-related businesses focused on Myanmar, predominantly in three business segments, namely, the experiences segment, the services segment and the hotels segment.
Shares in Memories closed at 9 cents on Friday.
