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 buyer.The SGX-listed company filed a clarification Tuesday, some two weeks after it revealed that it had signed an agreement to sell at least 80% of MM Connect to privately-owned investment firm Kingsmead Properties.
MM Connect is the unit that encompasses the group’s eight cinemas in Singapore, 13 cinemas in Malaysia and a film distribution business. The Malaysian and Singaporean assets were acquired in two separate deals unveiled respectively in 2016 and 2017.
Source: Singapore’s MM2 Asia Ready to Launch Spin-Off IPO if Cinema Sale Fails – Variety