SINGAPORE (July 24): mm2 Asia says the proposed acquisition of the entire 50% stake in Dartina from Village Cinemas Australia has lapsed.

See: mm2 Asia to acquire 50% stake in Golden Village Cinema business in Singapore for $184 mil

This was because the seller did not procure approval from Golden Screen, the holder of the other 50% shares in Dartina, as required under the sale and purchase agreement, by the scheduled completion date of July 21.

The seller and mm2 Asia are currently in discussions on their available options.

Shares in mm2 Asia closed 1 cent lower at 56 cents on Friday.