Company Briefs: mm2 Asia

mm2 Asia

mm2 Asia unit mm2 Entertainment, which produced the Ah Boys To Men franchise, has entered into a licence agreement with Talpa Global to acquire the exclusive licensed rights to produce and broadcast a Singapore/Malaysia version of the popular international singing contest, The Voice.

The Singapore/Malaysia version of The Voice is scheduled to air next year. It will be the first time a single version of the format has been produced for two territories.

First broadcasted in The Netherlands in 2010, The Voice now airs in over 180 countries, with close to 70 local productions and more than 500 million viewers.

ISR Capital

ISR Capital has completed a $6 million share placement to a Singapore-based private equity firm and three high-net-worth individuals to kick-start a rare earth mining project in Madagascar.

ISR Capital is awaiting regulatory and shareholder approvals to acquire a 60 per cent stake in Tantalum Holding (Mauritius).

Of the net proceeds of about $5.8 million raised from the first tranche of the share placement, Tantalum will use about $4.6 million to apply for a pilot production permit and begin bulk sampling work.

ISR Capital intends to raise another $6 million via the second tranche of the placement once the pilot production permit is secured.

Following the placement of both tranches of shares, ISR Capital will have issued 141,176,470 new ordinary shares at 8.5 cents apiece to the four parties. This price represents a discount of 5.8 per cent to ISR's closing weighted average price of 9.03 cents on Sept 2, when ISR signed the placement agreement with the four investors.

The investors have agreed to place their shares under moratorium for six months from the issuance of the subscription shares.

Singapore Myanmar Investco

Singapore Myanmar Investco has agreed to divest its telecommunications tower business in Myanmar to Shining Star International Holdings for US$12.7 million (S$17.6 million).

The divestment represents a good opportunity for Singapore Myanmar to redeploy its capital and focus its resources on its fast-growing duty-free retail business, food and beverage ventures and auto services in Myanmar, said the mainboard-listed firm.

A version of this article appeared in the print edition of The Straits Times on October 21, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe