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.
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