1. MM Connect Pte. Ltd. issues S$47,850,000 in aggregate principal amount of convertible debt securities to finance expansion plans in cinema operations;
2. Current principal amount aims to minimise stock dilution for existing shareholders, granting mm2 Asia Ltd. an optimal financing mix.
SINGAPORE, 7 FEBRUARY 2018 – MM Connect Pte. Ltd. (“MM Connect”, a wholly-owned subsidiary of mm2 Asia Ltd. “mm2 Asia”, the “Group”), has issued S$47,850,000 worth of unsecured subordinated convertible notes and bonds, as part of the Group’s financing plan for the Group’s planned expansion of its cinema operations.
Executive Chairman of the Group, Mr. Melvin Ang (洪伟才) commented: “First and foremost, I would like to express my deepest gratitude to all the subscribers to this round of financing. In our effort to enlarge our cinema business through MM Connect, we have worked towards optimising our financing mix, so as to minimise stock dilution for our existing shareholders. As a result, we arrived at our current principal amount of convertible debt securities, which will be duly used for the acquisition of Cathay Cineplexes Pte. Ltd., future acquisitions of cinemas in Asia and working capital for the cinemas.”
In November 2017, the Group successfully acquired Cathay Cineplexes Pte. Ltd. and became the only cinema operator present in both Malaysia and Singapore, being the second largest film exhibitor with a total of 206 screens across 27 locations in the latter.
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Note to media: Please read this press release in conjunction with the Company’s announcement released on SGXnet on the same date, which can be found here.