mm2 Asia gets offer for Cathay cinema business from Kingsmead Properties
28 Jul 2021
As featured on Straits Times
Singapore-listed mm2 Asia announced on Wednesday (July 28) that it has received an offer for its Cathay cinema business from local financial investment firm Kingsmead Properties.
mm2 Asia operates eight Cathay cinemas in Singapore and 13 cinemas in Malaysia, as well as a movie film distribution business.
It entered into a non-exclusive binding term sheet with Kingsmead Properties for the proposed sale of at least 80 per cent of the cinema business.
Kingsmead Properties is incorporated in Singapore and is in the business of making strategic investments. Ms Jasmine Foo Mei Ling, a Singaporean citizen, is the sole shareholder and director of the company. Ms Foo manages her family business interests and previously worked in several global financial institutions.
mm2 Asia shares rose 0.2 cent, or 3 per cent, to 6.9 cents as of 1.20pm on Wednesday.