Cathay Cineplexes

Executive chairman Melvin Ang says that this “strategic addition” of the cinema demonstrates the group’s confidence that the cinema business will bounce back soon.

This comes after one or more conditions under the agreement were not fulfilled by the stipulated date of Dec 31, 2021.

Proposed actions include a spin-off and listing of its cinema business and a possible merger with Golden Village cinemas.

mm2 Asia expects the cinemas to be financially-independent with the separate listing

SINGAPORE (Mar 1): In a few short years since going public, mm2 Asia now owns a chain of cinemas, a concert organiser, a visual effects studio and an online video platform.

SINGAPORE (Aug 14): mm2 Asia reported 1Q19 earnings increased by 13.2% to $7.25 million, compared to $6.40 million in 1Q18.

SINGAPORE (May 30): DBS Vickers Securities is reiterating its “buy” call on mm2 Asia, but with a lower target price of 70 cents compared to 75 cents previously after implementing a downward valuation PEG adjustment for the group, in line with peers.

SINGAPORE (Nov 7): CIMB is positive on mm2 Asia’s proposed acquisition of Cathay Cineplexes, which it believes will give the entertainment group a strong foothold in Singapore and enhanced bargaining power with suppliers in the industry.

SINGAPORE (Nov 2): mm2 Asia has entered into an option agreement with Cathay Organisation for the purchase of 100% of Cathay Cineplexes.