SINGAPORE, 13 April 2021 &ndash mm2 Asia Ltd. (&ldquo mm2 Asia&rdquo , &ldquo mm2全 亚 影 视 娱 乐 有 限 公 司 &rdquo , &ldquo the Company&rdquo , or collectively with its subsidiaries, the &ldquo Group&rdquo ), is pleased to announce that valid acceptances and excess applications for a total of 1,312,123,095 rights shares were received as at the close of mm2&rsquo s rights issue on 8 April 2021. This represents approximately 113% of the total number of rights shares available under the rights issue. The Company has on 3 Feb 2021 announced the fully underwritten 1-for-1 renounceable rights issue of 1,162,804,610 rights shares at an issue price per rights share of S$0.047 to raise gross proceeds of approximately S$54.65 million. In line with mm2&rsquo s proactive and prudent capital management strategy, the majority of the proceeds from the rights issue, net of legal and transaction costs relating to the rights issue, will be primarily used to reduce its existing borrowings. The balance will be used for general corporate and working capital purposes. With the reduced borrowings, mm2&rsquo s balance sheet will be strengthened. Mr Melvin Ang (洪 伟 才 ), Executive Chairman of the Company said, &ldquo We are very pleased with the outcome of the rights issue and grateful for the support we have received from our shareholders as well as new investors who have participated since the announcement of our rights issue. This result is a testament of their continuous trust in mm2&rsquo s fundamentals and future prospects. With the successful completion of the rights issue, we have strengthened our balance sheet which will make us even more resilient and well-positioned to ride through the current covid-19 crisis. We will continue to strive hard to deliver value to them.&rdquo In support of the rights issue and to demonstrate his commitment as a major shareholder of mm2 Asia, Mr Ang, has subscribed for 316,524,000 rights shares, amounting to 27.2% of the total rights issue and representing an additional investment amount of S$14.88 million into mm2. mm2 Asia&rsquo s rights issue exercise was fully underwritten by sole Financial Advisor and sole Underwriter UOB Kay Hian Pte Ltd. The Company expects that the rights shares will be listed and quoted on the Main Board of the Singapore Exchange Securities Trading Limited with effect from 9.00 a.m. on 16 April 2021.