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Mm2 Asia Signs $38 Million Bond Deal With UOB Kay Hian for Cinema Business

Mm2 Asia Signs $38 Million Bond Deal With UOB Kay Hian for Cinema Business
Mm2 Asia与大华继显签署电影业务3,800万美元债券协议

MT Newswires ·  2022/09/26 18:30

06:29 AM EDT, 09/26/2022 (MT Newswires) -- Entertainment group mm2 Asia (SGX:1B0) entered into a subscription agreement with UOB Kay Hian (SGX:U10) to raise SG$54 million ($37.7 million) via the issuance of exchangeable bonds with detachable warrants.

The bonds are exchangeable into shares of mm Connect group, the entity holding the cinema businesses of mm2 Asia in Singapore and Malaysia.

This follows the term sheet signed between the parties in June, according to a Sunday news release.

The debt securities come with 250 million detachable warrants, with each warrant carrying the right for a period of five years from issue to subscribe for one new ordinary share at the exercise price of SG$0.065 per new share.

Mm2 Asia will raise an additional SG$16.3 million in gross proceeds if these warrants are fully exercised.

The exchangeable bonds have a tenure of three years and will bear a coupon rate of 5% per annum.

Mm2 Asia's shares closed 2% higher on Monday.

Price (SGD): S$0.05, Change: S$0.00, Percent Change: +2.08%