The placement shares and the upsize option represent approximately 56.2 per cent of the existing issued and paid-up share capital

 

MM2 Asia : 1B0 -11.76% has proposed to raise up to S$30 million through a placement of new shares at S$0.017 per share, with an option to issue additional S$10 million of placement shares at the same issue price.

 

V3 Group intends to subscribe to not less than S$15 million of the placement, said mm2 Asia in a regulatory filing on Friday (Aug 2) night, with the former potentially becoming the single largest shareholder of the media entertainment and content company with an 18 per cent equity stake.

 

V3 Group is led by Ron Sim &ndash the founder of Osim International which is well-known for its massage chairs &ndash who also owns brands including TWG Tea and Bacha Coffee through subsidiaries.

 

Sim is a substantial shareholder of mm2 Asia, holding 228,402,950 shares or about 5.5 per cent of the existing issued and paid-up share capital.

 

The placement shares will have the same rights and benefits as the existing and outstanding shares.

 

The price of the shares to be placed represents a premium of approximately 13.3 per cent to the volume weighted average price of S$0.015 for trades done on the Singapore Exchange for the full market day on Aug 2.

 

MM2 Asia&rsquo s market capitalisation stood at S$62.8 million as at Friday&rsquo s closing price of S$0.015, which was 11.8 per cent lower than the preceding closing price.

 

The placement shares and the upsize option represent approximately 56.2 per cent of the existing issued and paid-up share capital of mm2 Asia as at the date of this announcement and will represent approximately 36 per cent of the enlarged issued and paid-up share capital.

 

The net tangible assets per share would be S$0.0106 after the placement, according to the pro forma calculations, up from S$0.0073.

 

MM2 Asia will use the proceeds to strengthen its financial position and support working capital requirements.

 

Melvin Ang, executive chairman of mm2 Asia, said he looks forward to working with V3 Group on projects of mutual benefits and interests.

 

The corporate action, subject to shareholder approval at an extraordinary general meeting as well as terms and conditions of the placement agreement, is expected to be completed by Oct 31.

The placement shares and the upsize option represent approximately 56.2 per cent of the existing issued and paid-up share capital

 

MM2 Asia : 1B0 -11.76% has proposed to raise up to S$30 million through a placement of new shares at S$0.017 per share, with an option to issue additional S$10 million of placement shares at the same issue price.

 

V3 Group intends to subscribe to not less than S$15 million of the placement, said mm2 Asia in a regulatory filing on Friday (Aug 2) night, with the former potentially becoming the single largest shareholder of the media entertainment and content company with an 18 per cent equity stake.

 

V3 Group is led by Ron Sim &ndash the founder of Osim International which is well-known for its massage chairs &ndash who also owns brands including TWG Tea and Bacha Coffee through subsidiaries.

 

Sim is a substantial shareholder of mm2 Asia, holding 228,402,950 shares or about 5.5 per cent of the existing issued and paid-up share capital.

 

The placement shares will have the same rights and benefits as the existing and outstanding shares.

 

The price of the shares to be placed represents a premium of approximately 13.3 per cent to the volume weighted average price of S$0.015 for trades done on the Singapore Exchange for the full market day on Aug 2.

 

MM2 Asia&rsquo s market capitalisation stood at S$62.8 million as at Friday&rsquo s closing price of S$0.015, which was 11.8 per cent lower than the preceding closing price.

 

The placement shares and the upsize option represent approximately 56.2 per cent of the existing issued and paid-up share capital of mm2 Asia as at the date of this announcement and will represent approximately 36 per cent of the enlarged issued and paid-up share capital.

 

The net tangible assets per share would be S$0.0106 after the placement, according to the pro forma calculations, up from S$0.0073.

 

MM2 Asia will use the proceeds to strengthen its financial position and support working capital requirements.

 

Melvin Ang, executive chairman of mm2 Asia, said he looks forward to working with V3 Group on projects of mutual benefits and interests.

 

The corporate action, subject to shareholder approval at an extraordinary general meeting as well as terms and conditions of the placement agreement, is expected to be completed by Oct 31.

 

SINGAPORE &ndash Moviegoers will not be able to watch the biggest superhero movie of 2024 at Cathay Cineplexes.

 

Deadpool & Wolverine may have opened in Singapore on July 25, but it is not screening at any of Cathay Cineplexes&rsquo theatres, a spokeswoman of the local cinema chain confirmed to The Straits Times on July 26.

 

Cathay Cineplexes, which is owned by local entertainment and content production company mm2 Asia, has five outlets in Singapore &ndash at Causeway Point, Downtown East, West Mall, Jem and Century Square. 

 

The M18-rated Marvel sequel stars Ryan Reynolds and Hugh Jackman as the titular characters.

 

Fans voiced their disappointment after a screenshot of Cathay Cineplexes&rsquo response to a netizen&rsquo s query about the film&rsquo s availability at Cathay cinemas was shared on social media platform Reddit on July 25.

 

It said: &ldquo We regret to inform you that Deadpool & Wolverine will not be screened at any Cathay Cineplexes.&rdquo

 

Some users questioned if Cathay Cineplexes is facing operation issues, is &ldquo winding down soon&rdquo or if it is because of distribution rights. Other netizens commented that Cathay cinemas were their preferred choice because of location, seating, sound system and popcorn quality.

 

Distributed by The Walt Disney Co, Deadpool & Wolverine is showing at all other cinemas such as Golden Village, Shaw Theatres, The Projector, EagleWings Cinematics, WE Cinemas and Filmgarde.

 

According to the Cathay Cineplexes spokeswoman, it was &ldquo a business decision&rdquo that led to the no-show, but declined to comment further.

 

The Walt Disney Co&rsquo s previous blockbusters of 2024, Kingdom Of The Planet Of The Apes and Inside Out 2, which were released in Singapore on May 9 and June 13 respectively, were not screened at Cathay Cineplexes too, but opened in other cinemas.

 

The Cathay Cineplexes spokeswoman declined to comment if the decision to not screen Disney&rsquo s films pertains only to 2024 or beyond, but added &ldquo Disney has been a good partner and will always be a good partner to Cathay&rdquo .

 

Inside Out 2 has generated more than US$1.46 billion (S$2 billion) at the global box office, surpassing Frozen II (2019) to be the highest-grossing animated film in history.

 

The Singapore office of The Walt Disney Co declined to comment on why its 2024 slate of films were not screened at Cathay Cineplexes.

 

ST understands that while most blockbusters from the major Hollywood studios will be shown at local cinemas, the final decision of which movie eventually makes it to the big screen depends on whether the distributor and exhibitor agree on the returns both parties will get at the end of a film&rsquo s run.

 

On April 25, Cathay Cineplexes was hit by a server outage that left moviegoers unable to book tickets online or purchase them at electronic self-service kiosks at all outlets. Credit card transactions were also disrupted.

 

The disruption went on for at least two weeks. The online booking service was functional again at Cathay&rsquo s theatres in AMK Hub, Jem, Causeway Point, Downtown East and West Mall on May 9, and at the Century Square outlet on May 13.

 

On June 19, the cinema chain announced in a Facebook post that the AMK Hub outlet would close on June 30 after 17 years of operation.