mm2 Asia announces new concert unit, to transfer shares in UnUsUaL Limited
FILM producer and distributor mm2 Asia has set up a new wholly-owned subsidiary, mmLive, which will be in the business of promoting and organising concerts and other entertainment acts, along with the renting out of musical instruments and equipment.
As part of the move, mm2 Asia will transfer the entire shareholding of its concert unit, Catalist-listed UnUsUaL Limited , to mmLive.
mm2 Asia owns 51 per cent of UnUsUaL Management, which in turn holds 76.88 per cent of UnUsUaL Limited, mainboard-listed mm2 Asia said in a bourse filing on Thursday (Feb 23).
Separately, mmLive signed a non-binding letter of intent on Thursday to invest in Hong Kong concert company Unipact Entertainment and Production, mm2 Asia said, though no monetary details were disclosed in the filing.
“This has been one of the most exciting deals that we have worked on, as the demand for live events in Asia has grown significantly in recent years,” said mm2 Asia executive chairman Melvin Ang.
“Despite the blip in the pandemic years, the upward trend appears to be ongoing and resilient to recessionary fears.”
Shares of mm2 Asia closed 2.3 per cent or S$0.001 lower at S$0.043, while shares of UnUsUaL Limited fell 2.1 per cent or S$0.003 to S$0.138 on Thursday, prior to the announcement.
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