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mm2 Asia on Thursday said substantial shareholder StarHub plans to invest some S$15 million in the media company through a share placement.
mm2 Asia said it would place 26.3 million new shares to StarHub (see amendment note) at an issue price of S$0.57 apiece, with the issue price representing a 0.6 per cent premium to the volume-weighted average price for trades done on June 28, 2017.
The move will raise StarHub's stake in mm2 Asia to about 10 per cent. StarHub had in March acquired a 9 per cent stake again through a share placement exercise. Then, it had invested S$18 million.
Amendment note: An earlier version of this article incorrectly stated that mm2 Asia would place 87.7 million new shares to StarHub. There are in fact 26.3 million new shares and the article above has been revised to reflect this.