Former Cathay cinema operator mm2 to receive capital injection to support restructuring
The Straits Times
It signed a term sheet for a potential $25 million capital injection as part of its restructuring plan. Read more at straitstimes.com.
SINGAPORE - mm2 Asia, the former operator of 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 CEO Wee Ee Cheong.
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