mm2 Asia to sell S$5m new shares to three investors

MM2 Asia, a media content provider, said on Tuesday it plans to place out S$5 million in new shares to three investors.

It would sell a total of 6.35 million shares at S$0.7872 apiece to three companies: Hesheng Media, Apex Capital Group, and Maxi-Harvest Group. Hesheng will take S$1 million worth of new shares, while the remaining two will pay S$2 million each for mm2 Asia shares. The price represents a premium of 0.33 per cent to the volume weighted average price of S$0.7846 for trades done on Dec 4, 2015, the full market day that the placement agreements were signed. The stock closed on Monday at S$0.785.

The proceeds will be used as working capital, mm2 Asia added.