Singaporean entertainment mini-conglomerate MM2 Asia says that it is continuing to look at a spin-off IPO of its cinema exhibition business, even though it has signed a term sheet with a potential …
says that it is continuing to look at a spin-off IPO of its cinema exhibition business, even though it has signed a term sheet with a potential buyer.
The Kingsmead offer gives “a valuation of between S$80 million and S$120 million for the whole cinema business, on a debt and liability free basis,” MM2 has said. Theatrical film business in both Singapore and Malaysia have been badly beaten up by the COVID-19 pandemic. Since March 2020, cinemas in Malaysia have been shuttered for nearly a year, and saw 2020 revenues drop by 90%, due to government restrictions known as a Movement Control Order. Malaysian local media has suggested that cinemas may be in the last phase of the MCO unwinding and may not reopen until 2022.
The difficult conditions tipped MM2 into loss for the financial year to March 2021 and caused its liabilities to exceed assets by S$120 million. The company’s auditor in July said that “a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.” MM2 has responded by pointing to its raising of S$54.7 million in a rights issue in April, and other refinancing measures.
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