MM2’s Singapore Cinema Sale Collapses as Investor Blames Omicron Impact

Mini-conglomerate mm2 Asia says that a deal to sell its Singapore cinemas business has fallen through. The deal was announced in August and should have been completed by Dec. 31, 2021. “Omicron uncertainty has dampened investing appetite for the moment. We hope to be able to revisit the acquisition again, and hopefully soon enough, when the Covid situation further eases,” said potential buyer Kingsmead Properties in a statement. The privately held Kingsmead had originally agreed to pay S$84.8 million ($62.5 million) for an 80% controlling stake in the Cathay Cineplexes-branded unit. It paid a S$6 million ($4.43 million) deposit which… Read Full Article