mm2 Asia, on July 27, entered into a non-exclusive binding term sheet with Kingsmead Properties, where the latter has offered to buy over 80% of the issued and paid-up share capital in mm Connect.
mm Connect is a wholly-owned subsidiary of mm2 Asia, which owns the group’s cinema business. It operates eight cinemas in Singapore and 13 cinemas in Malaysia, as well as a movie film distribution business.
Kingsmead Properties is a Singapore-incorporated company, where it is in the business of making strategic investments. Jasmine Foo Mei Ling is the sole shareholder and director of the company. Foo manages her family business’ interests and has previously worked in several global financial institutions.