AMATA Holding Public Company Limited informed its shareholders about the company’s current operations, in which Amata Resort & Spa and Oriental Ballooning Service are temporarily closed.
AMATA Holding Public Company Limited commenced share trading on the Yangon Stock Exchange on 3 June 2021 as the seventh listed company and the first ever company in the hotel and tourism services sector listed on the exchange.
The company’s business operations are managed by its subsidiaries; United International Group Limited (UIG) running hotel and tourism services under the name Amata and Myanmar Ballooning Company Limited (MB) operating passenger hot air balloon services under the brand “Oriental Ballooning”, in key tourism sites such as Ngapali, Inlay, Bagan, and Myeik Archipelago regions.
Nonetheless, the company’s revenue primarily relies on the arrival of tourists and homegrown visitors. Following the coronavirus pandemic, hotel and tourism businesses’ income has significantly declined. Unprecedented incidents (flood, earthquake) happened in the country, leading to a substantial drop in the company’s revenue.
The Amata Resort & Spa and Oriental Ballooning Service businesses temporarily shut down in May 2024. Seasonal business operations of Amata Garden Resort, My Bagan Residence by Amata, Amata Garden Resort and Amata Resort & Spa (Andaman) are active.
The company’s directors notified the shareholders that they believe the current challenges are just temporary. Its operations will return to normal once tourism recovers. — NN/KK
