mm2 Entertainment enters binding MOU to invest in Hong Kong professional cinema management company C
mm2 Entertainment’s investment for a 19.68% stake contains a profit guarantee and buy-back guarantee from Cinema Pro Limited and Kbro Media Co. Limited respectively
Majority owner of Cinema Pro Limited is Kbro Media Co. Limited – a subsidiary of Fubon Group, with over US$190.8bn assets (2016)
Singapore, 3 May 2017 – mm2 Asia Ltd. (“mm2 Asia” and together with its subsidiaries, the “Group”) wholly-owned subsidiary, mm2 Entertainment Pte. Ltd., has entered into a binding MOU with Cinema Pro Limited (影珀影院有限公司) and Kbro Media Co. Limited to acquire 3,200,000 new shares, totalling 19.68% of the enlarged share capital at HKD1.25 each in Cinema Pro Limited (影珀影院有限公司).
The collaboration will bring together Singapore movie producer mm2 Entertainment with cinema veteran Chan Chi Leung, and the strong support of Kbro Media Co. Ltd to target cinema projects in Asia.
Founded in Oct 2014, Cinema Pro Limited (CP) provides an ALL-IN-ONE cinema management service and is formed by a group of experts in the cinema industry covering Hong Kong and Mainland China including UA Cinema Circuit (UA院線), Orange Sky Golden Harvest (橙天嘉禾), Jinyi Cinemas (金逸影院) and Dadi Cinemas (大地院線).
“We are very happy to invest and be a significant part of Cinema Pro and team with Kbro Media to expand our cinema projects across North Asia,” said Mr Hock Ong, CEO of the Group’s cinema business.
“The recent increase in the number of malls in key markets across Asia has created unprecedented collaboration opportunities between mall owners and professional cinema management operators. With our recently acquired expertise from mmCineplexes, and the experience and strength of the current management team in Cinema Pro, we are confident to increase our presence in new cinema projects opportunities across Asia,” added Mr Ong.
“We are excited to welcome mm2 Entertainment into our company, and the team is looking forward to further our success in the region. With the experience of the mm2 group of companies and entertainment network, together we will uncover and create better cinemas across North Asia.” said Chan Chi Leung, CEO of Cinema Pro Limited.