mm2 Asia’s 1B0 concert arm, mmLive, has signed a subscription agreement with Unipact HK for exchangeable bonds valued at HK$19 million ($3.3 million).
The bonds issued by Unipact may be exchanged by mmLive for a total investment of HK$19 million and into 5% of the total number of shares in Unipact.
The partnership, which will make mmLive a shareholder in Unipact over time, means both parties will have access to the most comprehensive artiste line-up and market coverage spanning Singapore, Malaysia, Hong Kong, Taipei, China and Southeast Asia, says mm2 Asia.
Unipact is one of the few integrated concert organisers in Hong Kong that has the capacity to provide technical production and creative solution services for large-scale and extra-large-scale concert projects.
The exercise has been facilitated by mm2 Asia’s arranger, UOB Kay Hian, and financial adviser, Haitong International Securities (Singapore) Pte. Ltd. Hildrics Capital is the early anchor investor and strategic business partner of mmLive.
“We have seen the incredible demand for live events in Asia. Working together with the Unipact group and our existing network and resources, we would be participating in another Asian concert powerhouse team, to create multi-leg, multi-territory show opportunities. This in turn will grow our market presence, and create greater value for our shareholders,” says Melvin Ang, mm2 Asia’s executive chairman.
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“We are very pleased to extend our cooperation with the mm2 Group through actively supporting the strategic development of the pan-Asian live entertainment industry. We are excited for the opportunity to work with mm2 in their businesses across the whole entertainment industry – from movies and dramas, visual effects, cinemas and concerts; and we look forward to leveraging the synergies between the different media businesses and our vast China business network,” says Dominic Choi, managing director of Unipact.
Shares in mm2 Asia closed 0.1 cent higher or 2.56% up at 4 cents on Sept 6.
