CATALIST-LISTED Memories Group plans to acquire a 15.28 per cent interest in Strand Hotel International, which owns stakes in three Yangon hotels and a boat cruise, by issuing US$3.19 million in convertible bonds, the Myanmar-based tourism company said on Monday before the market opened.
The consideration for the stake sale will be fully settled by the issuance of US$3.19 million three-year unlisted convertible bonds at a coupon rate of 5 per cent per annum, to Oakframe. Assuming conversion at the maturity date, the maximum amount of the consideration will be US$3.67 million, comprising US$3.19 million in principal amount and US$0.48 million in accrued interest.
Strand Hotel International is also in another joint venture with GCP Hospitality Management and holds an 80 per cent stake in Myanmar Cruise International, which owns a boat cruise in the South-east Asian country, The Strand Cruise.
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