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mm2 Asia to purchase 51% stake in UnUsUaL group for up to S$26m

FILM and TV content producer mm2 Asia is planning to acquire a 51 per cent stake in the UnUsUaL group of companies for up to S$26 million.

According to a release to the Singapore Exchange on Wednesday, mm2 Asia has entered into a non-binding term sheet with Ong Chin Soon and Ong Chin Leong to acquire the stake, subject to a sale and purchase agreement.

The UnUsUaL group of companies is involved in event and concert production.

The S$26 million will be split into a S$6 million sign-on fee as well as two tranches, with payment for the latter contingent on financial performance. The acquisition is also subject to certain conditions, including that UnUsUal's net profit after tax for the audited financial year ended Dec 31, 2015 should not be less than S$4 million.