All Asia Asset Capital Acquires 7pc Stake in Myanmar Allure Group

Investment group All Asia Asset Capital (AAA) has, through a special-purpose wholly-owned subsidiary, acquired a minority 7 percent stake in local hospitality firm Myanmar Allure Group (MAG).
“The board is excited about the investment in the Myanmar Allure Group, which in our view is solidly in line with our investing policy,” said Dr Sri Hartati Kurniawan, AAA chief executive. “We are confident that the acquisition will provide an avenue for the company to create further opportunities to deliver value to AAA shareholders,” he added.
Based in Thailand and Myanmar, MAG, which comes under the Star Sapphire Group of Companies, operates the Allure Resort, an 11-acre hotel, resort and gaming facility located in the Tachileik province of Myanmar, close to the Myanmar-Thailand Mae Sai border.
Located close to the popular city of Chiang Rai in Thailand, the resort is a five minute walk from the border and offers a variety of entertainment activities including gaming, shopping and cultural sightseeing.
According to a report, MAG plans to expand its business operations, including the development of a new building at the site, as well as forming partnerships with other gaming operators to further increase the demand in the sector.
On completion of the acquisition, AAA will pay $2 million in cash to MAG.