mm2 Asia will co-invest US$25 million with two Chinese media companies to produce five films and multiple online films over the next three years.
Its wholly-owned unit, mm2 Entertainment, will sign a memorandum of understanding with New Culture Media Hong Kong, a wholly-owned subsidiary of Shanghai New Culture Media Group, and 9i Film & Television Media.
Separately, Mr Leslie Ong and Mr Johnny Ong, the founders of concert promotion and event production firm UnUsUaL, have invested $10 million in mm2 Asia. They each acquired $5 million worth of stock at $0.485 per share from the group's executive chairman, Mr Melvin Ang.
The pair, who founded UnUsUaL in 1997, said the personal investment was "a vote of confidence in the group's future".
The High Court has granted troubled consumer electronics retailer TT International a moratorium, ordering all creditors be restrained from taking further action against the company until Feb 11 next year, the mainboard-listed firm said yesterday in a pre-market filing.
The court barred the appointment of a receiver or manager over any of TT's property or undertaking. It also said that no execution, distress or other legal process against any of TT's property can be started, continued or levied, except with the court's approval.
Furthermore, creditors must wait until Feb 11, 2018, to take any steps to enforce any security over any of TT's property, or to repossess any goods held by the company.
The firm is undergoing debt restructuring. Last month, it applied for an extension of six months until Feb 14 next year to announce its unaudited financial statements for the first two quarters of the 2018 financial year.
TTI said the moratorium will provide it with enough time to pursue a total solution, including the restructuring of its debts and liabilities, and potentially, its subsidiaries.
Spackman Entertainment Group
Catalist-listed Spackman Entertainment Group is entering the Korean drama series production business, starting with a partnership agreement with Mongjakso, a Korean TV producer, to develop and produce two TV dramas.
One includes a show starring South Korean actor So Ji Sub, which has the working title, The Game, and is expected to be released next year.