FOLLOWING a February announcement that it is planning to buy a 51 per cent stake in the UnUsUaL group of companies for up to S$26 million, Catalist-listed mm2 Asia on Thursday said that it has inked a sale and purchase agreement for the acquisition.
Previously, it had only signed a non-binding term sheet.
In addition, the film and TV content producer said that under the agreement, the vendors will incorporate a new company, to be called UnUsUaL Pte Ltd, for the purpose of holding all the shares in the target companies.
UnUsUaL Pte Ltd will become the sole shareholder of each of the target companies.
The acquisition is on a zero current asset and zero current liabilities basis of each of the UnUsUaL Group companies.
UnUsUaL is involved in event and concert production.
mm2 sees synergy in their business activities, adding that the acquisition will allow it to project its presence in the greater South-east Asia and North Asia marketplace.