The long stop date of the Heads of Agreement related to the proposed merger of mm2 Asia’s cinemas business with Golden Village cinemas in Singapore has lapsed.
This comes after one or more conditions under the agreement were not fulfilled by the stipulated date of Dec 31, 2021.
According to mm2, “The company will continue to explore new avenues to maximise stakeholder value and the board will make additional announcements as required in due course to update shareholders”.
mm2 Asia had, on Dec 9, 2020, announced that it was in talks to merge its cinema business, operating mainly under the Cathay brand, with its competitor, Golden Village.
If the merger had been completed, the combined entity would have been able to enjoy economies of scale and provide more financial and operating stability.
Shares in mm2 closed at 5.1 cents on Jan 7.
