mm2 Asia still in talks to buy Golden Village

mm2 Asia Ltd said it is still in discussions with Village Cinemas Australia on possible options to proceed with the purchase of a 50 per cent interest in Golden Village cinema business in Singapore.

The agreement to buy Village Cinemas Australia's half-stake in Dartina Development that holds the Golden Village cinema business in Singapore lapsed after the former failed to secure the approval of Golden Screen, which owns the other half of Dartina by July 21.

Giving an update on Thursday, mm2 Asia said it has received a full refund of the S$8 million deposit back from Village Cinemas Australia.

"The company is currently in discussions with the seller on possible options relating to the proposed acquisition," mm2 Asia said. "Notwithstanding that the proposed acquisition has not been completed, the company remains committed to its plans to expand its cinema operations, and is currently pursuing such plans.

Melvin Ang, executive chairman of mm2 Asia, said the group is constantly "pursuing other opportunities in parallel to these discussions with Village Cinemas Australia" but its cinema growth strategy is not dependent on this one acquisition alone.