Singapore Entertainment Covid-19 pandemic Singapore

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

Reading now: 924
variety.com

Patrick Frater Asia Bureau ChiefSingaporean entertainment mini-conglomerate mm2 Asia has finalized terms for the sale of Cathay Cineplexes, the country’s third largest cinema chain.

The cinema exhibition sector has been badly hurt by closures and restrictions arising from the COVID-19 pandemic and the business will be sold at a loss of S$85 million ($63 million).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.With the unit now valued at S$84.8 million ($63 million), mm2 will receive S$67.3 million ($50.1 million) net, after costs.

Read more on variety.com
The website starsalert.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA