“Omicron uncertainty has dampened investing appetite for the moment. We hope to be able to revisit the acquisition again, and hopefully soon enough, when the Covid situation further eases,” said potential buyer Kingsmead Properties in a statement.
“We welcome [Kingsmead] as valuable strategic shareholders,” said mm2 executive chairman Melvin Ang. “The Omicron effect on investing sentiments was sharp and unexpected. However, mm2 remains optimistic of the recovery of the cinema business as signs are indicating a trend towards recovery. And we definitely will still welcome any new proposal from Kingsmead in the future.”
Share amount was too high for counterparty . They just need to lower it
'Deal collapse'a phrase unfortunately we may hear a lot of during these times.
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