Company Briefs: mm2 Asia

mm2 Asia

Mainboard-listed mm2 Asia completed the acquisition of 13 Lotus Fivestar Cinemas yesterday, bringing the number of screens it owns from 43 to 133.

The firm has to fork out RM98 million (S$37.8 million) to Lotus Fivestar Cinemas for the deal. Also, a payment of RM20 million will be subject to profit targets and made in the next two years.

mm2 Asia, through its cinema arm mm2 Screen Management, is now the fourth-largest cinema operator in Malaysia, with 18 cinemas and a market share of about 14 per cent in terms of number of screens.

The firm said cinema revenue increased from $4.9 million to $12.6 million between the 2016 and 2017 fiscal years.

Swissco Holdings

The judicial managers of oil services firm Swissco Holdings and its unit said yesterday that the Singapore High Court granted several orders on Wednesday.

One was for the judicial management orders to be extended to March 18, and for the judicial managers to be given until Oct 31 to give creditors a statement of proposals.

The judicial managers will also have until Nov 14 to convene meetings of creditors to consider the statement.

Nam Cheong

Troubled marine player Nam Cheong said its unit has granted an option to purchase to third-party buyers for unit #02-01 in Ace Building at 146B Paya Lebar Road.

The freehold unit has a gross floor area of about 545 sq m (5,866 sq ft), and is on sale for $4.5 million.

Nam Cheong said "all proceeds" will be used to settle an outstanding amount under a credit facility granted by DBS Bank and secured by the Paya Lebar unit.

It added that the place is the group's corporate office, but it plans to lease it back from the buyer, "to minimise any disruption to the business of the company".

Correction note: An earlier version of the story said mm2 was Catalist-listed. This is incorrect. mm2 Asia was  transferred to the Mainboard on Aug 7. We are sorry for the error.

A version of this article appeared in the print edition of The Straits Times on September 16, 2017, with the headline 'Company Briefs'. Subscribe