He notes that the cinema business has not fully recovered in the past three years post-Covid-19 — from its mandated closures to limited capacity occupancies due to social distancing followed by the strikes in Hollywood that resulted in a blockbuster shortage, and changing consumer habits of the audiences.
Mainboard-listed mm2 Asia (SGX:1B0
) will acquire and take over operations of WE Cinemas at 321 Clementi on Nov 1, 2024, from EW Cinemas, a wholly owned subsidiary of Eng Wah Global. The cinema will assume operations as Cathay Cineplexes Clementi 321.
mm2 Asia started “rightsizing” Cathay Cineplexes, in which cinema operations in two Orchard Road locations, Parkway Parade and AMK Hub were most recently stopped. “This has inevitably raised concerns and doubts about our abilities to continue the cinema business,” says Melvin Ang, executive chairman of mm2 Asia.
