Amata Holding begins Share Sales in prep of YSX Listing - Reuters


Amata Holding begins Share Sales in prep of YSX Listing

Amata Holding begins Share Sales in prep of YSX Listing

Wed Aug 29, 2018 - 05:19am UTC

Amata Holding

29/8/2018 – Amata Holding Public Company Ltd, a business operating in Myanmar’s hotel and tourism industry, is looking to raise K10 billion (about US$6.4 million) in a share sale started last Saturday, in an effort to fund its business expansion.

Amata Holding is offering up to 2 million ordinary shares over the counter, which represents 15.99 percent of the total stake. According to Amata’s Chairman Win Aung, the company is due to sell shares not only to Myanmar citizens but also to foreigners.

“Shares of our company will be sold both locally and internationally,” said Win Aung. “We do this not because we underestimate local shareholders, but we want to invite foreign shareholders as well in order to make our industry meet international standards.”

International shareholders are invited only after the company has made a thorough evaluation and a firm decision, Win Aung added and also stating that Amata Holding is planning to list on the Yangon Stock Exchange (YSX) by late 2019.

“Amata’s decision to be listed on YSX is influenced by the fact that the SECM is preparing to soon allow foreigners to trade on the YSX. We would also like to take the advantage of being listed on a young capital market like Myanmar, a country where Amata is better known,” he explained.

Amata Holding Public Company Ltd runs a wide array of businesses from luxury tours and hotels to catering services and restaurants.

Its two main businesses: hotel management is run by its subsidiary United International Group Co Ltd while its hot air balloon services for observing sceneries in Bagan, Inle Lake, Mandala, and Ngapali is run by Myanmar Ballooning Co Ltd.

The company started out as a family business in 2003, and first applied to the Securities and Exchange Commission of Myanmar (SECM) to conduct a public offering in 2016. It is now in the midst of completing the two-year process to qualify as a public-listed company on the YSX and is one of the four companies under the SECM’s List of Approval of Public Offering.

Amata counts the International Finance Corporation, a member of the World Bank Group, as an institutional investor. Back in 2016, IFC proposed a US$13.5 million convertible loan in Amata and managed to fully deploy it by the end of 2017.

“We are also interested to welcome strategic partners such as international hotel chains to take part in our journey of further expanding the company,” said Aung.

The share sale will proceed for about a month and end on September 21. Amata’s shares is available for purchase through Aya Trust Securities Co Ltd, CB Securities Co Ltd, KBZ Stirling Coleman Securities Co Ltd, KTZ Ruby Hill Securities Co Ltd, UAB Securities Co Ltd in Yangon.

Proceeds of the financing will be used to develop five budget hotels in Pintaya, Kalaw, Hpa-an, Pyin Oo Lwin and Mawlamyine under the brand, Awinka within the next two years.

Moving forward, Amata aims to become a leading company in the tourism industry over the next three to five years. It plans to expand into other tourism-related areas such as restaurants, spa, and wellness centers and services like sightseeing and leisure trips.

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