The move will see mm2 acquire Cathay Cineplexes’ eight cinemas across Singapore, comprising 64 screens, or 11,569 seats. The mainboard-listed company said it would retain employees of Cathay Cineplexes. The intrinsic value for the Cathay Cineplexes brand was also taken into account, estimated to be between S$24 million and S$30 million. Aside from the impending deal, the group has also completed the acquisition of cinema-related businesses in Malaysia and Hong Kong. Executive chairman of mm2 Asia, Melvin Ang said that the Cathay name was very much a part of Singapore’s history, and that he wants to “zealously protect” the Cathay Cinemas’ legacy, and realise Choo Meileen’s vision for Cathay Cinemas to be “one of the major film exhibitors in the Asian market”.

Source: The Nation Bangkok November 02, 2017 18:00 UTC