SINGAPORE (Aug 10): mm2 Asia today announced that it has received the full deposit of $8 million from Village Cinema Australia following its last announcement that the acquisition of Golden Village Cinema business in Singapore had not been completed.

The group however says it remains committed to its plans to expand its cinema operations and is currently in discussions with the seller on possible options relating to the proposed acquisition.

Las month, mm2 Asia says the proposed acquisition of the entire 50% stake in Dartina from Village Cinemas Australia has lapsed. This was because the seller had not obtained approval from Golden Screen, the holder of the other 50% shares in Dartina, by the scheduled completion date of July 21, as required under the sale and purchase agreement.

See: mm2 Asia says proposed acquisition of 50% in Dartina has lapsed

Melvin Ang, Executive Chairman of mm2 Asia, says, “It is unfortunate that while we were ready to complete the Golden Village Acquisition on 21 July 2017, Village Cinemas Australia was unable to procure fulfilment of certain conditions under the Shareholders Agreement entered into between Village Cinemas Australia and their existing co-shareholder of Dartina Development Limited, and the deal could not be completed.”

Shares in mm2 closed at 47 cents on Tuesday.