mm2 Asia kept at ‘buy’ despite lapse in acquisition of GV Cinema Singapore

SINGAPORE (July 24): DBS is maintaining its “buy” call on mm2 Asia with a target price of 75 cents despite the acquisition of a 50% share in Dartina having lapsed.

This was because seller Village Cinemas Australia did not procure approval from Golden Screen, the holder of the other 50% shares in Dartina, as required under the sale and purchase agreement by the scheduled completion date of July 21.

Dartina is an investment holding company incorporated in Hong Kong which holds, through its Singapore subsidiaries, the Golden Village Cinema business in Singapore.

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