Singapore’s MM2 Asia Agrees Loss-Making Sale of Cathay Cinema Chain

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In a regulatory filing, mm2 said that it would sell at least 80% of the business in its mm2 Connect segment to Kingsmead Properties, a sole proprietorship company belonging to investor Jasmine Foo Mei Ling.

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With the unit now valued at S$84.8 million , mm2 will receive S$67.3 million net, after costs. That compares with the S$230 million it paid for the eight-venue business in November 2017.

The proceeds will be used to reduce borrowings, repay convertible bonds due in December, and shore up mm2 Asia’s balance sheet. Earlier this year, auditors issued a going concern notice for the group.

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