UnUsUaL Limited Founders Bought $10 Million Worth of mm2 Asia’s Shares
2. UnUsUaL Limited Founders’ personal investment in mm2 Asia’s stock cemented mutual commitment to both entities’ regional growth.
SINGAPORE, 7 SEPTEMBER 2017 – mm2 Asia Ltd. (“mm2 Asia”, “mm2 全亚影视娱乐有限公司” or collectively with its subsidiaries, the “Group”), saw a personal investment of $10 million in total by founders of UnUsUaL Limited (“UnUsUaL”) - Leslie Ong and Johnny Ong. They each acquired $5 million worth of shares at $0.485 per share from the Group’s Executive Chairman- Melvin Ang.
Leslie Ong and Johnny Ong, who founded UnUsUaL in 1997, viewed the personal investment as a vote of confidence in the Group’s future, citing that UnUsUaL’s growth since the Group’s acquisition in 2016 has largely benefited from the Group’s regional experience and networks, which led to an increase in revenue of about 30% between FY2015 and FY2017.
Executive Chairman of mm2 Asia, Melvin Ang said: “We are fully committed to establishing an enduring presence in the event production and concert promotion industry through UnUsUaL. I believe that, under Leslie and Johnny’s leadership, we can explore opportunities in engaging performers on multiple platforms, fulfilling the region’s demand for high quality, omni-channel entertainment experiences.” As the Group’s largest shareholder, Melvin Ang will be selling part of his shareholding in order to facilitate this monumental move without further diluting the value held by existing shareholders.
The Group made the final tranche payment of $20 million to the founders of UnUsUaL on 6 September 2017.
- End of Press Release -
Note to Media: Please read this press release in conjunction with the Company’s announcement released on SGXNet on the same date.
The announcement of Mr Melvin Ang's disclosure of changes in interest in the Company's securities can be found here.