Disposal of shares executed by CGS International Securities Singapore Pte. Ltd. through a force-sell mechanism, triggered by a decline in the Margin Maintenance Ratio below the required threshold. 

22 September 12,000,000 At 2

23 September 5,000,000 At 2

24 September 3,000,000 At 2


 

Not When There Is Another Margin Call.

Now Trading At 2, Very Likely There Is A Deficit In The Margin Account As The Collateral Securities Is Pegged To Market Traded Price.

Unless Able To Find Money To Maintain The Treshold Level In The Margin Account, There Will Be Another Force-Sell.

Need A Bridging Loan To Tie Over This Crisis, But Who Will Lend A Helping Hand When You Are Down, Other Than Those Charging Sky-High Interest Rate.

Trade At Own Risk & Gain! DYODD As Always!

Excerpt From Today Announcement

APPOINTMENT OF INTERIM LIQUIDATOR AND CREDITORS&rsquo VOLUNTARY WINDING UP OF MM2 STAR SCREEN SDN. BHD. AND MM2 SCREEN MANAGEMENT SDN. BHD

" The Board of Directors (Board) of mm2 Asia Ltd. (the Company, and together with its subsidiaries, the Group) refers, amongst others, to its previous announcements in relation to regarding the letters of demand and writs of summons received by MM2 Star Screen Sdn. Bhd. (MSS) and MM2 Screen Management Sdn. Bhd. (MSM), being associated companies of the Group.

MSS and MSM had attempted to negotiate amicable resolutions with their respective creditors but were unable to arrive at mutually agreeable restructuring outcomes.

Having carefully considered, amongst other things, the financial position of MSS and MSM and the absence of restructuring outcomes, the respective boards of directors (Boards) of MSS and MSM have resolved that it is no longer feasible for the companies to continue operating as going concerns. As a result, the Boards of MSS and MSM decided to proceed with Creditors' Voluntary Liquidation of MSS and MSM pursuant to the applicable provision of the Companies Act 2016 of Malaysia.. "

 

Melvin Ang, executive chairman of mm2 Asia, has seen his stake in the company reduced by 50 million shares this past week to around 856 million shares, equivalent to 13.1%.

 

This reduction came after forced selling by CGS International of shares held with the broker over three days, " triggered by a decline in the margin maintenance ratio below the required threshold."

 

On Sept 18, 22 million shares were forced sold the following day, another 10 million shares were sold.

 

Shares were sold at 0.2 cents each on both days.

 

Earlier, on Sept 15, CGS International sold 18 million of Ang' s shares at 0.3 cents each.

 

On Sept 2, 9 million shares were sold at 0.3 cents as well.

 

Just the day earlier, mm2 Asia, which operates multiple entertainment and related businesses, announced it is winding up its cinema subsidiary Cathay Cineplexes.

 

According to mm2 Asia' s Sept 19 filing, Ang held 214.8 million shares under CGS-CIMB Securities (Singapore), and another 623,85 million shares with UOB Kay Hian under an entity called Lionsgate Alpha wholly-owned by him.

 

mm2 Asia shares, which closed at 0.2 cents on Sept 19, was down 80% year to date, valuing the company at just over $5.2 million.