mm2's Board Approved Vividthree's Spin-off for Catalist Listing
1. mm2’s Board approved spin-off of Vividthree Productions Pte. Ltd. (“Vividthree”) as initial step to seek listing on SGX Catalist;
2. Singapore Exchange Securities Trading Limited (“SGX-ST”) has no objection to the Company’s submission that the proposed spin-off does not amount to a chain listing under Rule 210(6) of the Listing Manual;
3. Vividthree hopes to tap capital markets to embark on new business initiative.
SINGAPORE, 31 JANUARY 2018 – The Board of Directors of mm2 Asia Ltd. (“mm2 Asia”, “mm2 全亚影视娱乐有限公司” or collectively with its subsidiaries, the “Group”), have approved the spin-off of Vividthree as an initial step for Vividthree to seek listing on the Catalist. The planned IPO of Vividthree will allow the company to raise the working capital needed to realise the full potential of their new business initiative.
Executive Chairman of mm2 Asia, Melvin Ang (洪伟才) said: “Since our acquisition of Vividthree in 2015, we have watched the company grow from a service-oriented agency to a creative production studio that is capable of creating and producing proprietary visual products. We are thoroughly excited by Vividthree’s growth prospects, and are fully committed to unleashing its full potential. I believe that Vividthree can fulfil the region’s demand for high-quality visual experiences that the planned IPO can bring forward.”
Charles Yeo, Managing Director of Vividthree, who co-founded the Company in 2006 with Jay Hong and Sky Li, said, “We have largely benefited from the Group’s regional experience and networks since the Group’s acquisition in 2015. We look forward to the spin-off in view of the IPO as a momentous step towards realising our collective vision to be the region’s top creative production studio.”
- 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.