The Straits Times
mm2 Asia gets offer for Cathay cinema business from Kingsmead Properties
mm2 Asia operates eight cinemas in Singapore and 13 cinemas in Malaysia, as well as a movie film distribution business.PHOTO: MM2 ASIA
https://str.sg/3UJT
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Meanwhile, it witnessed a group revenue dip of 68.1% to SG$75.2 million. Moving forward, mm2 Asia plans to expand into non-Chinese content markets such as Thailand.
February 04, 2021
Pexels
Strong pipeline of movie releases and streaming content will drive post-Covid-19 recovery
SINGAPORE, Feb 3, 2021 - mm2 Asia Ltd. ( mm2 Asia , mm2全亚影视娱乐有限公司 , the Company , or collectively with its subsidiaries, the Group ) has received an in-principle approval from the Singapore Exchange (SGX) on Tuesday Feb 2, 2021, for its proposed rights issue. The Board of Directors have passed a resolution to call for an extraordinary general meeting to approve the proposed rights issue.
The proposal involves the issuance of one (1) Rights Share for every one (1) existing share held, at $0.047 for each Rights Share. Upon the completion of the rights issue, the Company will receive net proceeds of $52.15 million, which will be utilised to pay off the medium-term note due on April 27, 2021 and for general working capital and operations of the Group.