mm2 Asia moves forward with acquisition bid for 13 Malaysian cinemas

MM2 Asia's acquisition bid for the management and operations of 13 cinemas from Malaysia's privately owned Lotus Fivestar Cinemas has progressed, with both signing a sale of business agreement on Wednesday.

The group announced in November last year that it will pay up to RM118 million (S$37.9 million) in consideration for the acquisitions.

mm2 Asia, through its group company mm2 Screen Management Sdn Bhd, has also entered into a two-year agreement with Lotus on the same day to manage the 13 cinemas.

The deal is expected to be completed within four months of this signing, and the management agreement will start immediately upon completion, said mm2 Asia on Thursday evening.