1. Pre-IPO Investor R3 Asian Gems invests for Vividthree’s potential business model to popularise VR content and tour shows in rapidly growing Asian cities;
2. R3 will subscribe for new ordinary shares in Vividthree Holdings Pte Ltd (“Vividthree”), amounting to S$2,000,000.
SINGAPORE, 23 April 2018 – mm2 Asia Ltd. (“mm2 Asia”, “mm2 全亚影视娱乐有限公司” or collectively with its subsidiaries, the “Group”), is pleased to announce that its subsidiary, Vividthree Holdings Pte. Ltd. (“Vividthree”, the “Company”), has entered into a redeemable convertible loan agreement (the “Convertible Loan Agreement”) with a Pre-IPO investor, namely, R3 Asian Gems (“R3”).
Under the Convertible Loan Agreement, R3 will be subscribing for a convertible note for a term of two years, which will be mandatorily converted into ordinary shares of Vividthree upon its listing on the Singapore Exchange (SGX) Catalist Board at a discount of 15% to the IPO price of the shares based on the Company’s valuation.
The Executive Chairman of the Group, Mr. Melvin Ang (洪伟才) commented: "We are very excited about this offering. R3 is a respectable fund that invests in promising small-cap and mid-cap companies in Asia. To have them come on board as Vividthree gears itself for IPO is a testament to Vividthree’s long-term growth prospect. In addition, R3 has also recently acquired UnUsUaL’s shares from UnUsUaL Management Pte Ltd., further proving that the people who invest in us and the businesses in which we invest are bound by mutual interests.”
Mr. James Koh, Managing Director of R3, said: “As a fund that focuses on identifying and supporting fast-growing companies in the region, R3 is proud to be able to join Vividthree on their journey towards creating and bringing entertaining VR experiences to urban dwellers in Asia. Given the endless possibilities of extracting value from popular IP products, such as Train to Busan, using the VR format, we believe Vividthree has a business model that fits the demographic opportunities and consumer behaviour in Asia, and a team with the right experience and expertise to execute it.”
Mr Charles Yeo, CEO of Vividthree, said: “We are grateful for the strong interest shown by R3 in becoming a Pre-IPO investor of Vividthree. Their participation is a huge sign of confidence, and we hope to continue gaining the trust and support of the investment community as we launch our VR tour shows in the coming months.”
- 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, which can be found here.