22 May – Singapore-based film and TV content producer, mm2 Asia, has proposed to buy a stake in Golden Village Cinema.
mm2 revealed in a statement last Friday that the discussions and negotiations with Village Cinemas Australia Pty Ltd, the subsidiary wholly-owned by Australian Securities Exchange-listed company Village Roadshow Limited, have only just begun and are still ongoing.
mm2 plans to acquire the entire stake currently owned by Village Cinemas in Dartina Development, a Hong Kong-incorporated company that holds the Golden Village Cinema business in Singapore.
Golden Village is Singapore's largest cinema chain with 11 cineplexes and 92 screens across Singapore.
It was stated that the proposed purchase does not assure its materialisation. However it ends, the terms and decisions made must be agreed to by both parties.
This will not be mm2's first venture into cinema acquisition as last year it also acquired several cinemas in Malaysia, namely Cathay Cineplexes Sdn Bhd's Cathay Cineplex Damansara and Cathay Cineplex City Square (renamed to mmCineplexes), and three Mega Cineplex locations (Mega Cineplex Prai, Mega Cineplex Langkawi, Mega Cineplex Bertam).
Its acquisition of 13 Lotus Five Star locations, also in Malaysia, is expected to be completed in the second quarter of 2017.
News of the Golden Village Cinema acquisition came not long after mm2 announced that it will be co-producing five films with Turner Asia Pacific, starting with "Wonder Boy".
The two companies will be working together in producing, distributing and marketing the feature films that they have slated for release over the next three years.