Mini-conglomerate mm2 Asia says that a deal to sell its Singapore cinemas business has fallen through. The deal was announced in August and should have been completed by Dec. 31, 2021. “Omicron unc…
“Omicron uncertainty has dampened investing appetite for the moment. We hope to be able to revisit the acquisition again, and hopefully soon enough, when the Covid situation further eases,” said potential buyer Kingsmead Properties in a statement.
“We welcome [Kingsmead] as valuable strategic shareholders,” said mm2 executive chairman Melvin Ang. “The Omicron effect on investing sentiments was sharp and unexpected. However, mm2 remains optimistic of the recovery of the cinema business as signs are indicating a trend towards recovery. And we definitely will still welcome any new proposal from Kingsmead in the future.”
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