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$2.0m in cash on completion of the acquisition, to be funded from AAA's existing cash resources. AAA chief executive Dr. Sri Hartati Kurniawan 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."
source: stockmarketwire
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