MM2 Asia Completes Cathay Cineplexes Acquisition
SINGAPORE – mm2 Asia Ltd. (“mm2 Asia”, “mm2 全亞影视娱乐有限公司" or collectively with its subsidiaries, the “Group”), is pleased to announce the completion of the previously announced acquisition of Cathay Cineplexes Sdn Bhd (“CCSB”) business operations at two locations in Malaysia for RM40 million (S$13.8 million) through the Company’s whollyowned subsidiary, mm2 Screen Management Sdn Bhd (“mm2 Screen”) on 1 November 2015.
Commenting on the announcement, mm2 Asia CEO Mr Melvin Ang said: “We are extremely pleased to officially mark our first step into the cinema journey. We believe there is scope to further enrich the whole movie theatre experience; from the seats, sound, location and breadth of food and beverages. The demand for good films and cinematic experience will continue to remain a buoyant part of the entertainment industry."
“With the completion of the acquisition of the two cinemas, it will provide a source of recurring income and future growth for the Group,” Mr Ang concluded.
On 20 August 2015, the Group has also announced the signing of a binding term sheet with Mega Cinemas Management Sdn Bhd to acquire cinemas at three locations in Malaysia. “With our combined talent and expertise, we are now in position to concentrate and implement our expansion plans in the regional market,” Mr Ang added.
With several Hollywood blockbusters lined up in the coming months and the upcoming holiday season and Chinese New Year in February 2016 where box office revenue is typically higher, the Group expects to see substantial contribution from the cinema business.
Source: MM2 Asia