mm2 Asia’s rescue investor gets waiver to take control without making general offer
Should the placement go through, MMRA could emerge with more than 49 per cent of mm2 Asia’s voting rights.
Singapore's Securities Industry Council (SIC) has granted regulatory approval to mm2 Asia's proposed rescue investor, MMRA, to potentially gain control of the struggling entertainment company without requiring a mandatory general offer. The waiver was granted after MMRA subscribed for up to 16.34 billion new shares in the company.
MMRA, a subsidiary of Hildrics Asia Growth Fund, is managed by private equity firm Hildrics Capital, with former UOB managing director Choo Kee Siong as CEO and son of UOB CEO Wee Ee Cheong as COO. The proposed placement, announced in July, aims to raise approximately $15 million, with $11.5 million dedicated to debt repayment. The remaining funds will be allocated for general working capital and restructuring expenses.
If successful, MMRA could acquire over 49% of mm2 Asia's voting rights and acquire additional shares without triggering a mandatory general offer. The placement is seen as a crucial step for mm2 Asia to address its financial difficulties and restore its viability as a going concern.
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