14 Jun – Film and TV content producer mm2 Asia is buying the fifty percent stake in Singapore's Golden Village theatre chain at the disclosed price of SGD184.3 million.
According to the Straits Times, mm2 Asia stated in an exchange filing that the acquisition fits mm2's strategy to "further its presence in the downstream value chain of film distribution".
The company believes that the acquisition will complement and provide a recurring source of income for its current cinema operations in Malaysia.
Golden Village is Singapore's leading cinema chain with 11 multiplexes housing 92 screens operating all across the city state.
The theatre chain is currently owned by Australia's Village Roadshow. The Australian company established Golden Village as a joint venture with Hong Kong's Golden Harvest, currently known as Orange Sky Golden Harvest, twenty-five years ago.
mm2 Asia has expanded rapidly from a film and TV production company in Malaysia and Singapore to cinema owners.
Last year, the company has acquired two smaller cinema chains in Malaysia.
In May, mm2 announced that it will co-produce five films with Turner Asia Pacific over the next three years, one of which is the Dick Lee biopic, "Wonder Boy".
(Photo Source: phdretail.com)