Myanmar's First Tourism Stock Rises 48% in Singapore Debut

Inflatables offer aerial views of 2,200 Bagan ancient temples
Rohingya crisis has ‘limited’ impact on tourism: chairman

Hot air balloons fly over ancient temples in Bagan, northern Myanmar at sunrise on November 25, 2014. AFP PHOTO/PHYO HEIN KYAW (Photo credit should read Phyo Hein Kyaw/AFP/Getty Images)
Photographer: Phyo Hein Kyaw/AFP via Getty Images

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By Sterling Wong and Livia Yap

January 5, 2018 at 12:00 AM UTC

Updated on

January 5, 2018 at 9:56 AM UTC

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Thousands of tourists have floated in a hot-air balloon over Myanmar’s historic Bagan plains dotted with more than 2,200 ancient Buddhist temples, pagodas and monasteries. Chances are they rode one of Memories Group Ltd.’s inflatables.

The company, the largest operator of balloons in the area, rose 48 percent above its placement price in its debut session on the Singapore stock exchange on Friday. Memories Group is a 47.6 percent-owned unit of Burmese conglomerate Yoma Strategic Holdings Ltd., which spun off its Myanmar tourism assets via a reverse takeover of SHC Capital Asia.