Former Cathay cinema operator mm2 to receive capital injection to support restructuring

SINGAPORE - mm2 Asia, the former operator of the now-shuttered Cathay Cineplexes cinema chain, will receive restructuring support from a private equity fund, the firm announced in a filing on the Singapore Exchange on March 9.

mm2 Asia revealed that it has signed a term sheet with MMRA, a subsidiary of Hildrics Asia Growth Fund, for a potential $25 million capital injection as part of its restructuring plan.

The agreement involves a $15 million share placement to MMRA, and a rights issue of up to $10 million, which the investor will fully underwrite. The proceeds raised are intended to fund the restructuring and working capital of the Group, mm2 Asia said.

Hildrics Asia Growth Fund is a private equity fund that provides growth capital to mid-tier South-east Asian companies.

The fund is managed by Hildrics Capital, whose chief executive Choo Kee Siong is a former managing director at UOB. Its chief operating officer Wee Teng Chuen is the son of UOB chief executive Wee Ee Cheong.

mm2 Asia was given a lifeline on Dec 10, 2025, when the Singapore High Court allowed the company to be shielded from creditors and legal proceedings for four months while it worked out a restructuring plan.

Earlier in November, mm2 said in a bourse filing that it had applied to the High Court for a moratorium to stop current, pending or threatened proceedings from being started or continued against it.

mm2 and its subsidiaries had received repayment demands from several creditors, including UOB, for $74.6 million, Frasers Centrepoint Trust for $2.6 million and Standard Chartered for $905,000.

It also owes Linkwasha Holdings more than $7.55 million in principal and accrued interest in July 2025 for a $30 million loan the company took in 2017 to partially pay for the acquisition of Cathay Cineplexes.

At the Dec 10 hearing, it was also discussed that the $12 million to be paid to creditors will come from a larger proposed $25 million investment from white knight Hildrics Asia Growth Fund.

Besides Cathay, mm2 Asia also had a majority stake in Vividthree Holdings, a post-production company specialising in 3D animation, visual effects and computer-generated imagery, as well as Unusual, a local concert promoter.

Cathay closed its four final cinema outlets in Singapore and officially ceased operations here in September 2025.

These were its Causeway Point, Downtown East, Century Square and Clementi outlets. Their closure followed the shutdown of six other outlets over the past few years.