28 Nov 2013 07:00
Press Release 28 November 2013
All Asia Asset Capital Limited
("All Asia Asset Capital", "AAA" or the "Company")
US$2.0m Investment in Hospitality and Entertainment Business in Myanmar
All Asia Asset Capital (AIM: AAA), an investment company focused on investing in the growing markets of Southeast Asia, is pleased to announce that it has, through a special purpose wholly owned subsidiary, acquired a minority stake in Myanmar Allure Group Co., Ltd. ("MAG") (the "Acquisition"). MAG is a privately held company based in Thailand and Myanmar, which operates in the hospitality and entertainment business.
MAG owns and operates the Allure Resort, a combined hotel, resort and gaming facilities located in Tachileik province, Myanmar, in the vicinity of the Thailand-Myanmar Mae Sai border. The resort is situated in an 11-acre plot and is easily accessible from Chiang Rai, Thailand and located within 5 minutes walk from the border. It offers a variety of entertainment including gaming, shopping and cultural sightseeing. MAG intends to expand its business including the development of a new building and partnerships with other gaming operators in order to fulfill increasing demand in this sector.
Following the completion of the Acquisition, AAA will indirectly own a 7% stake in MAG. The consideration is to be satisfied by US$2.0 million in cash on completion of the Acquisition, to be funded from AAA's existing cash resources.
Commenting on the Acquisition, Dr. Sri Hartati Kurniawan, Chief Executive Officer of AAA said: "The Board is excited about the investment in the Myanmar Allure Group, which in our view is solidly in line with our investing policy. We are confident that the Acquisition will provide an avenue for the Company to create further opportunities to deliver value to AAA shareholders."
-Ends-
For further information:
All Asia Asset Capital Limited | |
Robert Berkeley, Executive Chairman and Finance Director | |
Dr Sri Hartati Kurniawan, Chief Executive Officer | |
Tel: +44 (0) 207 621 8910 | |
Tel: +852 3756 0124 | |
www.aaacap.com | |
Allenby Capital Limited | |
Nick Naylor / Mark Connelly / Michael McNeilly | |
Tel: +44 (0) 203 328 5656 | |
www.allenbycapital.com |
About AAA
AAA is an investment company that has been established as a platform for investors looking to access growing markets in Southeast Asia. The Company intends to invest in a portfolio of companies with at least the majority of their operations (or early stage companies that intend to have at least the majority of their operations) in Southeast Asia in industries with high growth potential including, but not limited to: agriculture, forestry and plantations, mining, natural resources, property and/or technology. AAA is publicly quoted and its shares are traded on the AIM Market, which is operated by the London Stock Exchange.