mm2 Asia has confirmed the sale of its controlling stake in its chain of cinemas. While it will collect net proceeds of $67.3 million, it will also book a loss of $84.7 million.

Under terms of an agreement signed on Aug 30, mm2 Asia will sell 80% of its cinema business to one Jasmine Foo Mei Ling, who is buying the stake via Kingsmead Properties. 

According to mm2 Asia, she manages her family business interests and previously worked in several global financial institutions.

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