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Singapore’s MM2 Asia Ready to Launch Spin-Off IPO if Cinema Sale Fails
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variety.comPatrick Frater Asia Bureau ChiefSingaporean entertainment mini-conglomerate MM2 Asia says that it is continuing to look at a spin-off IPO of its cinema exhibition business, even though it has signed a term sheet with a potential buyer.The SGX-listed company filed a clarification Tuesday, some two weeks after it revealed that it had signed an agreement to sell at least 80% of MM Connect to privately-owned investment firm Kingsmead Properties.MM Connect is the unit that encompasses the group’s eight cinemas in Singapore, 13 cinemas in Malaysia and a film distribution business.
The Malaysian and Singaporean assets were acquired in two separate deals unveiled respectively in 2016 and 2017.The Kingsmead offer gives “a valuation of between S$80.
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