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Mm2 Asia to Raise $39 Million Via Issuance of Exchangeable Bond

Mm2 Asia to Raise $39 Million Via Issuance of Exchangeable Bond

MT Newswires ·  2022/06/17 12:46

12:45 AM EDT, 06/17/2022 (MT Newswires) -- Mm2 Asia (SGX:1B0) is looking to raise SG$54 million ($39.0 million) via the issuance of an exchangeable bond to a regional strategic investor.

The bond will mature in two years and will bear a coupon rate of 5% per annum, payable on a semi-annual basis, according to a Thursday release. The bond will be exchangeable for shares in mm Connect, the entity holding the cinema businesses of mm2 Asia in Singapore and Malaysia.

In addition, the bond comes with 250 million detachable warrants, with each warrant carrying the right for a period of 5 years from issue to subscribe for one new ordinary share at the exercise price of SG$0.065 per new share.

The entertainment group will use the proceeds from the offering to refinance existing debts and liabilities and for the working capital of the group.

Mm2 Asia's shares were up nearly 2% recently.

Price (SGD): S$0.06, Change: S$0.00, Percent Change: +1.72%