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mm2 Asia to sell S$5m new shares to three investors

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mm2 Asia’s chief executive Melvin Ang (front row, fifth from right), members of the company’s board of directors and management (front row), the cast of Ah Boys To Men (back row), film director Jack Neo (back row, second from right) and veteran Hong Kong actor Ha Yu (back row, far right) celebrating the company’s Catalist debut on Dec 9, 2014.

MM2 Asia, a media content provider, said on Tuesday it plans to place out S$5 million in new shares to three investors.

It would sell a total of 6.35 million shares at S$0.7872 apiece to three companies: Hesheng Media, Apex Capital Group, and Maxi-Harvest Group. Hesheng will take S$1 million worth of new shares, while the remaining two will pay S$2 million each for mm2 Asia shares. The price represents a premium of 0.33 per cent to the volume weighted average price of S$0.7846 for trades done on Dec 4, 2015, the full market day that the placement agreements were signed. The stock closed on Monday at S$0.785.

The proceeds will be used as working capital, mm2 Asia added.