To fund the $215 million purchase consideration, the company took out additional loans from banks and drew down on its revolving credit facilities.
After months of closures at cinemas island-wide and multiple delays holding back production of even Hollywood blockbusters, mm2 Asia’s founder and executive chairman Melvin Ang is simply asking shareholders for more time. “It’s been a challenging year, not only for our sector but many others as well. I really urge our shareholders to give us a bit of time. We are working very hard to make things happen,” pleads Ang in an interview with The Edge Singapore.
Ang says an outbreak of a communicable disease has been his “biggest fear” since mm2 Asia moved beyond content production with the acquisition of movie theatres, supposedly to form an integrated industry chain. “When we acquired Cathay Cineplexes, analysts told us we went from an asset-light business to an asset-heavy business … Today, it has happened,” says Ang.
