Mm2 Asia has completed the acquisition of Cathay Cineplexes Sdn Bhd (“CCSB”) business operations at two locations in Malaysia for RM40 million (SG$13.8 million). The acquisition was done through the company’s wholly owned subsidiary, mm2 Screen Management Sdn Bhd.
The acquisition comes shortly after the group signed a binding term sheet with Mega Cinemas Management Sdn Bhd to acquire cinemas at three locations in Malaysia.
“With the completion of the acquisition of the cinemas, it will provide a source of recurring income and future growth for the group. With our combined talent and expertise, we are now in position to concentrate and implement our expansion plans in the regional market,” Mm2 Asia CEO, Melvin Ang said.
He added the demand for good films and cinematic experience will continue to remain a buoyant part of the entertainment industry and with several Hollywood blockbusters lined up in the coming months and the upcoming holiday season and Chinese New Year in February 2016. These are periods where box office revenue is typically higher, the group expects to see substantial contribution from the cinema business.
Headquartered in Singapore, Mm2 Asia is a producer of films and TV/online content. As a producer, mm2 Asia provides services that cover the entire film making process, including securing financing, producing and distributing as well as securing advertising and sponsorship. In addition to Singapore, Mm2 Asia also has a presence in Malaysia, Hong Kong, Taiwan and the PRC through its group of companies and/or strategic working partnerships.
Mm2 Asia has co-produced and/or distributed in excess of 20 films across Asia since 2008 including coproducing well-known films such as the ‘Ah Boys to Men’ series; and distributing titles such as Malaysia’s ‘The Journey’ and Taiwan’s ‘Café.Waiting.Love’.