mm2 Asia's subsidiary, UnUsUaL has partnered with American events company, Nick Grace Management (NGM) to form a joint venture company (JVCo). CEO of UnUsUaL, Leslie Ong, said, “We are incredibly honoured to form a rights-holding joint venture companywith NGM , a proven team of show creators and producers, to develop and produce the show APOLLO."
He added that this marks the company's first foray into the North American live entertainment industry, and the company is excited about the larger market potential. UnUsUaL will lead a round of investment into the US$13.5 million production of APOLLO, representing a consortium of investors that include Sliding Doors Entertainment. The resulting JVCo will be a subsidiary of UnUsUaL, which accounts will be consolidated within the latter’s books.
“We are humbled to learn with an established partner about the dynamics and opportunities of a more mature industry. This is a very important milestone for us, and it is in line with our plans to move from event production and concert promotion, to ownership of globally-appealing shows and other forms of live entertainment IP,” he added.
The show has been created in a bid to celebrate the 50th anniversary of man’s first steps on the moon. APOLLO is slated to start touring North America in the summer of 2019, after which it has plans to tour Southeast Asia, Australia, Europe, Middle East and Africa in the subsequent years, a press statement said.
Earlier this year, UnUsUaL Management sold its 5.39% stake in UnUsUaL Limited for approximately SG$25.8 million. R3 Asian Gems, a fund created by OSIM founder Ron Sim, now owns a 0.63% stake in UnUsUaL, while His Royal Highness Pengiran Muda Abdul Qawi of Negara Brunei Darussalam holds 4.76%. Following the deal, UnUsUaL Management, which mm2 Asia has a 51% stake in, will own 76.79% of UnUsUaL. UnUsUaL will remain an indirect subsidiary of mm2 Asia.