mm2 Asia's indirect subsidiary UnUsUaL has plans to invest in promotions as well as production projects, through the use of the estimated SG$17.4million net proceeds from its initial IPO. According to The Straits Times, this may be done via acquisitions, joint ventures or strategic partnerships and for working capital.
According to Leslie Ong, CEO of UnUsUaL, the company is currently looking towards growth, including regional expansion and developing its own IP format, events and shows. The company also hopes that the combined resources of SPH and mm2 Group of Companies will help it achieve its goals more quickly.
“Our collective strengths with UnUsUaL and mm2 Group of Companies will create new business opportunities and shared success for all companies. We can also give greater value to our customers and grow our audience outreach," Anthony Tan, deputy CEO of SPH, said.
“We look forward to greater collaboration and a closer working relationship to realise our common vision of tapping into the many opportunities the current evolving media landscape will bring to the region and beyond,” Melvin Ang, mm2 Asia executive chairman, said.
This news follows its recent listing on the SGX Catalist Board at market cap of SG$128 million, raising an aggregate of SG$19.4 million. This was anchored by SPH AsiaOne, who is a cornerstone investor. According to UnUsUaL’s placement application results, 25,636,200 placement shares were allocated to SPH AsiaOne.
The UnUsUaL group of companies, consisting of UnUsUaL Productions, UnUsUaL Entertainment and UnUsUaL Development was incorporated in 1997. It is the events unit of mm2 Asia, which holds a majority stake in the group.
UnUsUaL Productions has been part of large scale events such as Singapore Grand Prix, Formula One and Chingay Parade. Meanwhile, its entertainment arm has organised concerts and events from Asian and International artistes such as Andy Lau, Hillsong, Jay Chou, Lionel Richie, Mariah Carey, Michael Buble, to name a few.
In Malaysia during November last year, mm2 Asia acquired the cinema management and operations business of Lotus Fivestar Cinemas for 13 cinema locations. This is for a purchase consideration of RM118 million.