mm2 Asia to buy 50% of Golden Village Cinema for S$184.25m

CATALIST-LISTED mm2 Asia has entered into an agreement to acquire 50 per cent of the Golden Village Cinema business in Singapore for S$184.25 million from Village Cinemas Australia Pty Ltd.

A conditional sale and purchase agreement was signed on Tuesday for mm2 Asia's stake acquisition in Dartina, the Hong Kong-incorporated company which holds the Golden Village Cinema business.

mm2 Asia has agreed to pay S$8 million in cash to the appointed escrow agent, Thomson Geer Lawyers, within two days from the execution of the agreement. The balance of the purchase consideration will be paid up on the completion of the agreement.