mm2 Asia’s woes deepen as UOB demands S$74.6 million payment
[SINGAPORE] Entertainment group mm2 Asia on Monday (Nov 10) said in a bourse filing that UOB has demanded repayment of about S$74.6 million from the company and various of its units.
The sum – which is three times the size of mm2 Asia’s S$26 million market value – follows millions of dollars in payment demands from landlords over the group’s failed Cathay Cineplex chain. One of the biggest claims came from Frasers Centrepoint Trust’s S$2.6 million demand its Causeway Point lease.
A UOB letter was sent on Friday to mm2 Asia and its subsidiaries mm2 Entertainment, UnUsUaL Management, mm2 Connect and mm Plus each.
The latter two companies were guarantors, likely for Cathay Cineplexes, which ceased operations in September after entering voluntary liquidation.
According to mm2’s financial statement for the 2025 financial year ended Mar 31, it has total borrowings of S$217 million, of which S$201 million are due within a year. Trade and other payables totalled S$102.5 million.
The group had S$310 million of current liabilities as at Mar 31, against S$263 million of current assets.
The entertainment group said it is seeking legal advice on UOB’s demand and will continue to monitor the situation.
Earlier in August, mm2 said it received eight letters of demand totalling S$17.6 million but had added then that it could continue as a going concern.
Shares of mm2 Asia closed flat at S$0.004 on Friday, before the announcement.
