SINGAPORE - Catalist-listed film producer mm2 Asia announced today that it has entered into a non-binding term sheet to acquire a 51 per cent stake in local 3D animator Vividthree Production. The size of the deal was not disclosed.
The announcement marks the first major move for expansion by mm2 Asia, which produced the popular Ah Boys to Men trilogy, after it went public on Dec 8 last year with an initial public offering that raised $5.7 million.
"With this lateral extension into 3D animation services, the group believes it will strengthen its competitive advantage as a movie producer and eventually gain access to new markets," mm2 Asia said in the announcement made after market closed on March 3.
Vividthree specialises in 3D visual effects for films and commercials, with its clients ranging from renowned advertising agencies to the government sectors, the firm added.
Shares of mm2 Asia gained 5 per cent today to close at 21 cents. However it remained 16 per cent lower compared to its 25-cent high on its first trading session.