mm2 Asia fails to get key approval for Golden Village acquisition

mm2 Asia has failed to obtain approval for its acquisition of a 50 per cent share of the Golden Village cinema business in Singapore from the owner of the remaining stake.

The movie and TV production company said it is exploring its options.

mm2 Asia had announced on June 13 that it was in talks with Village Cinemas Australia for Village Cinemas' entire 50 per cent stake in Dartina Development, which holds the Golden Village cinema business in Singapore.

One of the conditions of the deal, mm2 announced on Monday before the market opened, was to secure the approval of Golden Screen, the entity that holds the remaining 50 per cent in Dartina, by July 21. That approval was not obtained, and the acquisition therefore did not take place.