Transfer of Shares Within Group Subsidiaries
The Board of Directors (the “Board”) of mm2 Asia Ltd. (the “Company”) together with its subsidiaries, (the “Group”) wishes to announce that pursuant to a transfer of shares within the Group’s subsidiaries, mm2 Entertainment Pte. Ltd., a wholly-owned subsidiary of the Company, had transferred its 100% equity interest in mm2 Screen Management Sdn. Bhd. to another wholly-owned subsidiary of the Company, MM Connect Pte. Ltd. for a consideration of RM20,800,000.00 (“Transfer of Shares”).
The Transfer of Shares is to consolidate and streamline the Group’s cinema operations under the holding company, MM Connect Pte. Ltd..
The Transfer of Shares is not expected to have any material impact on the net tangible assets per share and earnings per share of the Company for the financial year ending 31 March 2018. None of the Directors, controlling shareholders or substantial shareholder of the Company has any interest, direct or indirect, in the Transfer of Shares, save for their shareholdings in the Company.
BY ORDER OF THE BOARD
Melvin Ang Wee Chye
Executive Chairman and Executive Director
11 September 2017