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mm2 Asia subsidiary enters into restructuring agreement
mm2 Asia's 51-per cent-owned subsidiary Vividthree Holdings (VVH) has entered into a restructuring agreement with mm2 Entertainment and four individual shareholders of Vividthree Productions (VVP) for the acquisition of the entire capital of VVP for S$50,000.
mm2 Entertainment is a wholly-owned subsidiary of mm2 Asia.
The restructuring agreement is pursuant to the proposed spin-off and listing of Vividthree on the Catalist board of the Singapore Exchange, mm2 Asia said.
In line with the restructuring, mm2 Entertainment, together with the four shareholders, will transfer to VVH their entire stake in VVP.
The consideration of S$50,000 will be satisfied by the issuance of 49,700 new shares in VVH to the four shareholders and mm2 Asia at the issue price of about S$1.006 per share. As such, mm2 Entertainment has ceased to be a shareholder of VVP, which in turn is now a wholly-owned subsidiary of VVH and an indirect subsidiary of mm2 Asia.